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.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.