What I see on #banknifty today on daily time frame on 23rd Mar'2021 ?

What I see on #banknifty today?

On daily time frame:-

My positional algo is already short in the market, which did capture 10K point in bank nifty 

Moving averages on daily TF:-

33,300 is the Laxman Rekha, below that 30,600 if falls come further we might retrace back the whole 6 month s rise to 25K levels.

On 1 hour analysis:-

Use supply & demand zone to trade and if the 33,305 breaks go for sell, big sell-off on cards.

Decision Zone:- 33,652 -33,770

Resistance:- 34,110 / 34,430 / 34,645 / 35,100

Support:- 33,305 / 32,751 / 32,137

The move from 29,687.8 to 37,708.75 is 8021 point rally,we have retraced 50% (33,698), current low is 33,361.

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 33,960 & 38.2% fall is 34,645:- Ideally no longer till we cross 34,650 levels and we get a daily closing above this 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.

One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.

Regards,

SG

Additional update on 23rd Mar:-

https://in.tradingview.com/chart/BANKNIFTY/26PXZiew-banknifty-analysis-for-24th-Mar/