Bank Nifty standing at important junction may be waiting for Budget in order to start next move. Lets understand this with weekly chart of Bank Nifty:
1. Bank Nifty is near previous major breakout point.
2. Bank Nifty is near 61.8% fibbonacci retracement level.
3. We have seen in past that both conditions have provided good support to Bank nifty. The previous breakout area and fibbonacci.
4. If not able to hold 61.8% fibbo level 78% level is waiting which is a trendline support as well.
Its just like climbing step by step where previous resistance becomes supports and vice versa. Lets see how it goes this time.
So, 13100-13400 area is important zones for bank nifty if holds then quick recovery can be seen otherwise 11000 level can come in real quick.
NOTE: The above chart is only shared for learning purpose and is not related to any BUY/SELL tip or recommendation.
1. Bank Nifty is near previous major breakout point.
2. Bank Nifty is near 61.8% fibbonacci retracement level.
3. We have seen in past that both conditions have provided good support to Bank nifty. The previous breakout area and fibbonacci.
4. If not able to hold 61.8% fibbo level 78% level is waiting which is a trendline support as well.
Its just like climbing step by step where previous resistance becomes supports and vice versa. Lets see how it goes this time.
So, 13100-13400 area is important zones for bank nifty if holds then quick recovery can be seen otherwise 11000 level can come in real quick.
NOTE: The above chart is only shared for learning purpose and is not related to any BUY/SELL tip or recommendation.
