Banknifty Long Levels #NSE
Certainly! The Bank Nifty (BANKNIFTY) is an index that tracks the performance of the banking sector in the Indian stock market. Here are some key points related to Bank Nifty levels:
Intraday Trade Setup for August 6, 2024:
Bullish Scenario:
Buy above: 49,860
Stop Loss: 49,780
Targets: 49,940, 50,020, 50,100, 50,220, and 50,400
Bearish Scenario:
Sell below: 49,640
Stop Loss: (not specified)
Symmetric Triangle Targets Met:
Bank Nifty successfully hit both targets from the recent symmetric triangle pattern within two days. It is now consolidating near the 15-minute and 1-hour support levels.
Immediate Support: 49,620
Immediate Resistance: 50,420 and 50,700
Inverse Head and Shoulders (H&S) and Falling Wedge:
Bank Nifty has formed a falling wedge and an inverse Head and Shoulders pattern.
The crucial level of 50% retracement on the Fibonacci Levels from the bottom created on the election day result is relevant.
Long Levels:
Bank Nifty Index Long Levels are not specified in the provided data.
Intraday Trade Setup for August 6, 2024:
Bullish Scenario:
Buy above: 49,860
Stop Loss: 49,780
Targets: 49,940, 50,020, 50,100, 50,220, and 50,400
Bearish Scenario:
Sell below: 49,640
Stop Loss: (not specified)
Symmetric Triangle Targets Met:
Bank Nifty successfully hit both targets from the recent symmetric triangle pattern within two days. It is now consolidating near the 15-minute and 1-hour support levels.
Immediate Support: 49,620
Immediate Resistance: 50,420 and 50,700
Inverse Head and Shoulders (H&S) and Falling Wedge:
Bank Nifty has formed a falling wedge and an inverse Head and Shoulders pattern.
The crucial level of 50% retracement on the Fibonacci Levels from the bottom created on the election day result is relevant.
Long Levels:
Bank Nifty Index Long Levels are not specified in the provided data.
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