Nifty Bank Indexשורט
BANKNIFTY DAILY ZONE to watch
Demand Zone (Green Area)
Location: Near the 50,000 mark on the Bank Nifty index.
Significance: This zone represents a level where buyers have historically stepped in, causing the price to bounce upward. It serves as a strong support level.
Price Action: The recent candles show a sharp reversal from this zone, suggesting that it continues to attract buying interest.
Supply Zone (Pink Area)
Location: Around 52,300 to 52,500 levels.
Significance: This zone indicates a level where sellers have previously dominated, preventing further upward movement. It acts as a key resistance level.
Price Action: As the price approaches this zone, it might face selling pressure, leading to potential reversals or consolidation.
Key Observations
The demand zone's reaction shows a strong bullish reversal with increased volume, indicating robust buying activity.
The supply zone might serve as a barrier unless strong bullish momentum breaks it.
Traders can consider:
Buying near the demand zone with a stop-loss below it.
Watching for potential selling opportunities or breakouts near the supply zone.
Location: Near the 50,000 mark on the Bank Nifty index.
Significance: This zone represents a level where buyers have historically stepped in, causing the price to bounce upward. It serves as a strong support level.
Price Action: The recent candles show a sharp reversal from this zone, suggesting that it continues to attract buying interest.
Supply Zone (Pink Area)
Location: Around 52,300 to 52,500 levels.
Significance: This zone indicates a level where sellers have previously dominated, preventing further upward movement. It acts as a key resistance level.
Price Action: As the price approaches this zone, it might face selling pressure, leading to potential reversals or consolidation.
Key Observations
The demand zone's reaction shows a strong bullish reversal with increased volume, indicating robust buying activity.
The supply zone might serve as a barrier unless strong bullish momentum breaks it.
Traders can consider:
Buying near the demand zone with a stop-loss below it.
Watching for potential selling opportunities or breakouts near the supply zone.
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