Nifty Bank IndexLargo
#banknifty analysis for 1st June'2021
#banknifty analysis for 1st June'2021
Can you ignore the following, if you follow technicals?
1. First time in 11 weeks, BN closed above 35,500.
2. BN is trading above All DMA (5/10/20/50/100/200).
3. All momentum oscillators (RSI, CCI, ROC, Ultimate Oscillator) are in buy mode.
4. All trend oscillators (MACD, ADX, Bull/Bear Power) are in buy mode.
5. Volatitiy (ATR, High/Low(14)) is in buy mode.
6. Pivot Points ( Classical, Fibonacci, Camarilla, Woodie's, DeMark's), price is above pivot point & R1.
If you don't follow technical indicators?
1. First time in 11 weeks, BN closed above 35,500.
2. Bullish engulfing in the daily chart.
3. Rising wedge, if broken on the upside with Gap Up will trigger short covering.
4. Wave 1, 1.618 is 35,524, if the price goes above it, it will move toward 200 % i.e. 36,379 & even higher 2.272 i.e 36,987.
Decision Line:- 35,430
Resistance:- 35,960 / 36,326 / 36,847 / 36,987
Support Zone :- 35,142 / 34,751 / 34,410
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
Can you ignore the following, if you follow technicals?
1. First time in 11 weeks, BN closed above 35,500.
2. BN is trading above All DMA (5/10/20/50/100/200).
3. All momentum oscillators (RSI, CCI, ROC, Ultimate Oscillator) are in buy mode.
4. All trend oscillators (MACD, ADX, Bull/Bear Power) are in buy mode.
5. Volatitiy (ATR, High/Low(14)) is in buy mode.
6. Pivot Points ( Classical, Fibonacci, Camarilla, Woodie's, DeMark's), price is above pivot point & R1.
If you don't follow technical indicators?
1. First time in 11 weeks, BN closed above 35,500.
2. Bullish engulfing in the daily chart.
3. Rising wedge, if broken on the upside with Gap Up will trigger short covering.
4. Wave 1, 1.618 is 35,524, if the price goes above it, it will move toward 200 % i.e. 36,379 & even higher 2.272 i.e 36,987.
Decision Line:- 35,430
Resistance:- 35,960 / 36,326 / 36,847 / 36,987
Support Zone :- 35,142 / 34,751 / 34,410
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
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