Hi There! We can observe a channel pattern here which is respected from the beginning of June.
tradingview.com/x/UlDwv6ui/
As you can see, BANKNIFTY tried to break the 50% level but was rejected and fell to 75% retracement level.
tradingview.com/x/Zs2jf3Y0/
It could try to retrace again tomorrow (at least to 61.8% - around 200 points) but could fail again as the contracts expire tomorrow and there could be profit booking (the trend was mainly bullish for last 3 months). Also, There is some indecisiveness as we see a doji pattern forming on the daily chart today. We can take up trades based on the direction the market takes tomorrow and considering above points.
DISCLAIMER: This is only my analysis and not my advice/recommendation to trade. Please bear in mind that your call to trade is at your own risk.
tradingview.com/x/UlDwv6ui/
As you can see, BANKNIFTY tried to break the 50% level but was rejected and fell to 75% retracement level.
tradingview.com/x/Zs2jf3Y0/
It could try to retrace again tomorrow (at least to 61.8% - around 200 points) but could fail again as the contracts expire tomorrow and there could be profit booking (the trend was mainly bullish for last 3 months). Also, There is some indecisiveness as we see a doji pattern forming on the daily chart today. We can take up trades based on the direction the market takes tomorrow and considering above points.
DISCLAIMER: This is only my analysis and not my advice/recommendation to trade. Please bear in mind that your call to trade is at your own risk.
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