As per previous analysis I had told Nifty Technically strong support 14246 and strong resistance level 14440. its hang between this level. Nifty Positional Breakout Level is 14520.
As we have been maintaining that unless Nifty closes below 14200 all fall towards this level are good buying opportunities. Like last Monday, the Indian Markets have crashed again and tested the bottom again. This seems a good buying opportunity again. One can buy Nifty 14200 call options of 29 April Expiry if Nifty starts holding above 14330 with a stop loss on closing below 14200 levels.
We had advised avoiding BankNifty last time and it has been the weaker one. The last time when it fell, the RSI had made a new bottom and hence a bottom testing was likely. It has tested the bottom now and RSI is showing positive divergence which is a little positive for the BankNifty. Private Banks and NBFC shares are also showing positive divergences. One should avoid any shorts here and start accumulating fundamentally strong banks and NBFCs as delivery for reasonable gains. Closing above 32500 is required to generate a buy signal in BankNifty.
BankNifty Pivot Level Today
bank Nifty close Below Pivot Point level its 31245 & closing Price is 31112.
Strong Resistance as per pivot 31246.
Strong Support level as pivot 30404.
BankNifty Technical Level
as per BankNifty Volatility Level analysis Intraday Strong Up side Resistance level is 31366 and Down side Support 30860. if Nifty Cross 31366-31400 level in intraday trading session strong pull back rally will come its continue buying process till 31630-31900 level. but if down side move below 30600 level then bear will hammering and move strong down side till 30400/30300.
Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict SL. Please also read the detailed Disclaimer mentioned in the left side of Blog.
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