BANKNIFTY ANALYSIS
The level of 37200 is very important
After the breakout of this level, huge momentum expected
Bank Nifty important levels
1. the level of 35500 is imp because it lies on the 50% Fibonacci level and the price had gone up previously when it touched this level.
2. according to the latest price action the level of 37000 is acting as resistance.
3. the 200ma and 50ema are also resisting the market at this level
4. according to the volume profile 36500 is acting as resistance.
So, we could conclude that the ranges from 36400 to 37150 areBANKNIFTY ANALYSIS
The level of 37200 is very important
After the breakout of this level, huge momentum is expected.
The reasons why breakout of 37200 is important
1. this would break the no trading zone.
2. previously 2 times the market failed to fill the gap formed due to gap up and gap down. The markets tend to fill the gaps quickly.
So after the breakout, we could expect a big move here.
We could easily achieve the targets of 1:4 and up to 1600 points in BANKNIFTY. So watch out for these levels.
