Bank Nifty analysis and trade plan for Monday, 19th June

17 июн. 2023 г.

Bank Nifty analysis and trade plan for Monday, 19th June
In Daily time frame Bank Nifty is in downtrend, forming lower highs, and on Friday, it formed a bullish candle which can be termed as a pullback in its current downtrend. On Friday Bank Nifty tried to break the Fibonacci .786 level marked in dotted line, but was unable to sustain and at the same time was below the anchored VWAP plotted from recent swing high. So below these levels we will consider a probability of downside move, and will mainly focus and bearish trades.
For Monday, we will consider the zone between 44050 and 43774 and no trade zone, and will avoid directional trade between these levels.
For any opening between these levels will wait for Bank Nifty to cross either direction, and will go for sell side trade after bank nifty crossing 43774, 43634 and 43476 will be the levels of concern, from where we may expect pause in bank nifty, and final possible reversal form 43397. After which chances of reversal is less. Below 43397. 43278 and 43056 can offer some kind of support but possibility of complete reversal in larger time frame from these levels are nil.
With similar opening, between no trade zone, if Bank Nifty crosses 44050 level, after forming a proper price action only we will enter into buy side trades. If Bank Nifty forms a price action in upside direction, then possibility of reversal, from the resistance levels plotted are less. But in case of gap up opening above no trade zone, can expect proper resistance from 44225 level, above which again there is a bare minimum chance of bearish reversal. 44439 will be the initial resistance levels above which 44732 will be one of the major resistance levels
For any opening below no trade zone will wait for a price action to form and then based on price action only we may plan a bearish or bullish trade up to level, 43397.
Looking at OI data we may expect proper resistance form 44000 level and probable support form bottom at 43500 level.