BANK NIFTY
Important Levels for 24/08/2022.
The index opened well below the previous buyer reference area and moved up quite rapidly till previous day VAH before facing resistance and stayed thereabout before the final burst.
Looking at the charts, we can decode that the buying volume has increased and 38310-38430 should act as a big support.
The untested seller reference now lies at 39003-39145 and as we have closed near these zones, we shall wait for this zone to be breached before placing longs. If we see this zone sees another influx of sellers, we can look for targets of 38340 and 38210.
Once 39145 gets breached and we get a 15 min candle close above it, the next reference to look forward is 39460-39675.
The index opened well below the previous buyer reference area and moved up quite rapidly till previous day VAH before facing resistance and stayed thereabout before the final burst.
Looking at the charts, we can decode that the buying volume has increased and 38310-38430 should act as a big support.
The untested seller reference now lies at 39003-39145 and as we have closed near these zones, we shall wait for this zone to be breached before placing longs. If we see this zone sees another influx of sellers, we can look for targets of 38340 and 38210.
Once 39145 gets breached and we get a 15 min candle close above it, the next reference to look forward is 39460-39675.
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