Bank Nifty analysis and trade plan for Tomorrow, Friday, 10th Ma
Bank Nifty is sideways to bearish in daily time frame, forming a double top, and if we see in 75 Minute time frame, a clear formation of “M” pattern is visible, and zone between 41193 and 41071 will be an important support zone, below this range we may expect a huge fall in Bank nifty in coming days. And above this zone there is a possibility of upside reversal.
Initially in case of Nifty below 41193 we may plan a bearish trade with very limited quantity. and after nifty crossing 41071, we may go with complete lots. And from 41193 and 41071, we may expect upside reversal. So Bank nifty above this zone, we may plan for bullish trades, 41429, 41569, 41677 will be the resistance levels.
Below support zone, 40911, 40708, 40482 will be the levels of concern in downside.
Will not consider OI data today.
*Strictly a personal opinion, not at all a trade advice*
Initially in case of Nifty below 41193 we may plan a bearish trade with very limited quantity. and after nifty crossing 41071, we may go with complete lots. And from 41193 and 41071, we may expect upside reversal. So Bank nifty above this zone, we may plan for bullish trades, 41429, 41569, 41677 will be the resistance levels.
Below support zone, 40911, 40708, 40482 will be the levels of concern in downside.
Will not consider OI data today.
*Strictly a personal opinion, not at all a trade advice*
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