BankNIfty analysis for 05/06/2022
As we see in the 1hour timeframe chart of the BankNifty, it is clear that currently there is a consolidation/ correction going for the impulsive move it had made.
And in the 15minute time frame, it is visible that on the previous trading session, the BankNifty and felled for the entire day.
So now there are good chance that on Monday, it can be a range bound market and retrace a bit.
The BankNifty can still go little down, near the support level (shown in the chart) as part of the healthy retracement.
Conclusion is that, tomorrow we, will have to first see, that where does the market opens, and wait for sometime, to get more data, and then can trade accordingly.
Hope you liked the analysis, do share your views in the comments section.
And in the 15minute time frame, it is visible that on the previous trading session, the BankNifty and felled for the entire day.
So now there are good chance that on Monday, it can be a range bound market and retrace a bit.
The BankNifty can still go little down, near the support level (shown in the chart) as part of the healthy retracement.
Conclusion is that, tomorrow we, will have to first see, that where does the market opens, and wait for sometime, to get more data, and then can trade accordingly.
Hope you liked the analysis, do share your views in the comments section.
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