Banknifty - Weekly Analysis (18 Dec - 24 Dec)
Since, this is a holiday season, the volumes are going to dry up and we should not expect any wild moves and there is a high probability that the market might be sideways the following week.
However, nobody, I mean nobody, even if you are Warren Buffet, nobody knows what is going to happen tomorrow.
My strong buying level is above 30950, but it should break after spending some time in the channel which is forming a wedge pattern in 1H time frame and it is not a bullish sign.
My strong selling level is below 30350 and I will be more aggressive towards selling side because the market is already overstretched.
If there is pattern breakout/breakdown, my short intraday targets would be 30920 level towards upside and 30400 level towards downside.
A note for my dear followers -
1. Please keep your charts clean.
2. Don't underestimate yourself after seeing complex analysis by the people around you. Believe me, even they don't know what they are doing.
3. Use 1 or 2 indicators at max and stick to them.
4. Journal your trades.
5. Trust your own analysis
6. Preserve your Capital
I want my followers to trust themselves before trusting others.
Cheers.
However, nobody, I mean nobody, even if you are Warren Buffet, nobody knows what is going to happen tomorrow.
My strong buying level is above 30950, but it should break after spending some time in the channel which is forming a wedge pattern in 1H time frame and it is not a bullish sign.
My strong selling level is below 30350 and I will be more aggressive towards selling side because the market is already overstretched.
If there is pattern breakout/breakdown, my short intraday targets would be 30920 level towards upside and 30400 level towards downside.
A note for my dear followers -
1. Please keep your charts clean.
2. Don't underestimate yourself after seeing complex analysis by the people around you. Believe me, even they don't know what they are doing.
3. Use 1 or 2 indicators at max and stick to them.
4. Journal your trades.
5. Trust your own analysis
6. Preserve your Capital
I want my followers to trust themselves before trusting others.
Cheers.
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