#BankNifty analysis on 19th Mar'2020:- Short Term View

#BankNifty analysis on 19th Mar'2020:- Short Term View

On weekly time frame analysis:-


The move from 29,687.8 to 37,708.75 is 8021 point rally,we have retraced 50% (33,698), current low is 33,597.

38.2% retracement was 34,645 which was breached and we touched 50% retracement, now if today's low is broken, we move toward 61.8% retracement which is placed at 32,751 (last hope for bulls), if this support is breached we head towards 100% retracement towards 29,687. 

Important pivot level is 34,485 & 38.2% fall is 34,645:- Ideally no longer till we cross 34,650 levels and we get a daily closing above this level.

Three Black Crow ( Bearish Reversal with high reliability, detected on 16th Mar'2021) was detected on the daily chart. GAP on the daily chart:- 33,305 - 33,583, ideally should work as support, if this gap is broken we head towards lower level.



On an hourly time frame, 34,430 - 34,645 is a tough resistance area, until it's crossed, we will continue to remain under pressure.




Decision Zone:- 34,131 - 34,033 , above is positive & below negative.

Resistance:- 34,430 / 34,645 / 35,100

Support:- 33,583 / 33,305 / 32,751

Moving Averages on 1D time frame:-

In Sell mode:-

SMA(5) 34,714

SMA(10) 35,168

SMA(20) 35,468

SMA(50) 34,270

In Buy Mode:-

SMA(100):- 31,575

SMA(200):- 26,887

RSI:- 40.496 (in Sell mode)

Important Pivot Point:- 34,485


Regards,

SG


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