These are all the important levels drawn on the chart of the Bank Nifty Future. If you read the blog published yesterday morning, you would earn a lot of money. I told you to initiate a short trade as soon as Banknifty opened. Can you imagine that if you wait for the proper trade and hunt like a panther, you will earn a lot of money? Yesterday, Banknifty opened at 45058 and made a low of 44700. Now what Next ? What can happen today? This is a very interesting scenario, as bank nifty reversed yesterday's second half and somehow managed to trap bears. I already mentioned three days ago that Banknifty made a short-term bottom. No one can tell this on a huge selling day. But I'll alert you in my WhatsApp group.
Index level
Today being the expiration day, let's analyze the Bank Nifty index levels. Prior to the market opening, it's evident that the short-covering threshold for the Bank Nifty index stands at 45070, while a potential breakout looms around 45235. Despite the Reserve Bank of India's policy announcement today, no alterations in the interest rate are anticipated. Consequently, it's likely that the Bank Nifty will commence the day with minimal fluctuations and possibly trade within the range of 44800 to 45000 until 1st hour. It's crucial to monitor the scenario in the event that the RBI raises the inflation forecast. Such an occurrence could lead to a significant downturn in the Bank Nifty, pushing it down towards the level of 44600. However, if the Bank Nifty manages to hold above the 45000 mark, there's potential for an upward movement towards the 45200-45500 level. This demonstrates the effectiveness of pattern recognition and early trend identification in the dynamic live market environment, particularly with the Bank Nifty. To gain a deeper understanding of these strategies, consider enrolling in our Price Action course. If any uncertainties arise, don't hesitate to reach out via WhatsApp for clarifications.
***************************************************** Disclaimer:-I'm not a SEBI registered analyst. The chart is shared only for educational purposes.
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