Opening : Between H3 and L3
Position : Both CPR and H3/L3 of this month are above previous month, indicating a bullish outlook for the month.
Width : CPR width is almost same as previous month, giving us no clue whether it is going to be trending or range bound this month.
Resistance : H3/R1 form a strong resistance band.
Support : CPR,L3 and Yearly R1 coinciding, forming a strong support band. Also,band is coinciding with 20 EMA line of Bollinger bands.
Note : Added Bollinger bands to know maximum deviation during the month.
My analysis :
As seen in first few days, BANKNIFTY is mostly going to be range bound between H3 and L3.
Since CPR position indicates bullish outlook, I expect BANKNIFTY to touch 32500 (H3) once.
If 31000 is breached downwards and sustained, it'll lead to more bearish movement in the index.
Disclaimer : The indicators, strategies, columns, articles and all other features discussed here are for educational purposes only and should not be construed as investment and/or trading advice/tips.
Position : Both CPR and H3/L3 of this month are above previous month, indicating a bullish outlook for the month.
Width : CPR width is almost same as previous month, giving us no clue whether it is going to be trending or range bound this month.
Resistance : H3/R1 form a strong resistance band.
Support : CPR,L3 and Yearly R1 coinciding, forming a strong support band. Also,band is coinciding with 20 EMA line of Bollinger bands.
Note : Added Bollinger bands to know maximum deviation during the month.
My analysis :
As seen in first few days, BANKNIFTY is mostly going to be range bound between H3 and L3.
Since CPR position indicates bullish outlook, I expect BANKNIFTY to touch 32500 (H3) once.
If 31000 is breached downwards and sustained, it'll lead to more bearish movement in the index.
Disclaimer : The indicators, strategies, columns, articles and all other features discussed here are for educational purposes only and should not be construed as investment and/or trading advice/tips.