Calculating Monthly Expiry for Bank Nifty.
We have a good range of 3200 tradable points in Bank Nifty for next week.
If Bank Nifty tries to recover completely we will get 2 alerts before that. Even then there's 38.2% retracement { Fibonacci level taken from last high of 13th Feb to the recent low of 16,116 } which will act as super resistance.
Markets reversed today ( Green Line ) from 78.6% retracement level { Fibonacci level was taken from the recent low of 16,116 to a recent high of 21,967 }.
Blue Zones are normal levels for Bank Nifty to move in. Black to Blue/Alert-1 zones (On both Upside & Downside) are extreme zones. Take caution while trading in these zones.
Bank Nifty may or may not reverse from these zones as this is last week/monthly expiry.
Bank Nifty traded in a long-range for the whole month of April & May. The momentum had been built for 2 months, that's enough energy for bank nifty to travel another 7-8000 points in any direction.
No matter where Bank Nifty goes, we will know the trajectory of Index before most traders will :).
There's a saying - The market can remain irrational longer than you can remain solvent.
We can still trade in a range for another month or 2 before heading anywhere at all. I will update the same chart for the month of June after next week.
Till then,
Stay Safe and Trade safely :)
If Bank Nifty tries to recover completely we will get 2 alerts before that. Even then there's 38.2% retracement { Fibonacci level taken from last high of 13th Feb to the recent low of 16,116 } which will act as super resistance.
Markets reversed today ( Green Line ) from 78.6% retracement level { Fibonacci level was taken from the recent low of 16,116 to a recent high of 21,967 }.
Blue Zones are normal levels for Bank Nifty to move in. Black to Blue/Alert-1 zones (On both Upside & Downside) are extreme zones. Take caution while trading in these zones.
Bank Nifty may or may not reverse from these zones as this is last week/monthly expiry.
Bank Nifty traded in a long-range for the whole month of April & May. The momentum had been built for 2 months, that's enough energy for bank nifty to travel another 7-8000 points in any direction.
No matter where Bank Nifty goes, we will know the trajectory of Index before most traders will :).
There's a saying - The market can remain irrational longer than you can remain solvent.
We can still trade in a range for another month or 2 before heading anywhere at all. I will update the same chart for the month of June after next week.
Till then,
Stay Safe and Trade safely :)
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