BANKNIFTY TRADE SETUP FOR THE DAY

-I HAD SHARED A WEEKLY IDEA OF BANKNIFTY ASCENDING CHANNEL PATTERN
-INDEX MANAGED TO REVERSE FROM THE SUPPORTED TRENDLINE
-BANKNIFTY DOWNSIDE LOOKS CAPPED BECAUSE THERE ARE MULTIPLE SUPPORTS
-FROM MOVING AVERGAGES TO FIBONACCI LEVELS TO SUPPORT ZONES
-CRUCIAL SUPPORT IS PLACED AT 21960 AND 21600
-INDEX DID NOT ONLY CONQUER 2196O IT MANAGED TO CROSS ABOVE 22000 AND CONQUER ITS 20-EMA
-WHICH IS A GOOD INDICATION THAT THE CHANNEL LEVELS ARE RESPECTED
-CRUCIAL RESISTANCE IS PLACED AT 22440 FOR THE BANKNIFTY
-THE WAY BANKNIFTY IS SETUP CAN TEST 22800-23070 SOON ONLY HURDLE IS 22440
-BANKNIFTY CAN BE PROVIDED STRENGTH BY KOTAK AND ICICI BANK
-WE DID SEE SOME SHORT COVERING IN ICICI BANK YESTERDAY
-ONLY PROBLEM IS THAT BANKNIFTY FUTURES IS IN 100 POINT PREMIUM
-WHICH I EXPECT THE MARKET TO CLOSE THAT PREMIUM TODAY

BANKNIFTY RESISTANCE FOR THE DAY
22440-22800-23070
BANKNIFTY SUPPORT FOR THE DAY
21660-21812-21960


!!PLEASE NOTE THE ABOVE INFORMATION IS FOR KNOWLEDGE ONLY!!
!!TRADE ACCORDING TO YOUR RISK PROFILE!!
!!SUGGEST OPTION TRADES TO NAVIGATE VOLATILITY!!
!!HAPPY TRADING!!