#Banknifty Trading Important levels

3 Jun

On 1 Day Timeframe, Banknifty Index trading important levels. Time to wait for either breakout or Breakdown (reversal) for the Banknifty Index.

Breakdown Move
- Confirmation for breakdown will be if Banknifty Index starts trading and sustain below 50311 level
- Downside rally nearly 2000 points expected in case of breakdown
- Intermediate support expected near 48855- level
- Short Trader can place there stop loss if Banknifty Index starts trading above 50568 level

Breakout move
- Long side movement expected in case Banknifty Index starts trading and sustain above 50568 level
- Above this level Banknifty Index can go upto the 53070+ level.
- Intermediate resistance expected near 52280 level
- Long trader can place there stop loss if Banknifty Index starts trading below 50311 level.