Sunday 15 April 2018

Banknifty Set up Profile and Trade Plan Week 16Apr -2018

Banknifty marked a major consolidation in terms of the smallest weekly range on the weekly charts.
A quick recap of the previous week shows that the low marked couldn’t even get into the previous week’s value area, indicating that buyers emerged aggressively in dips. This resulted in the value area shifting higher as well significantly.
This indicates that the coming week will continue to be a consolidation zone with an upward bias for the traders.  The Banknifty PCR remains at 1.45 and the max pain at 25100. Support is likely to emerge in any dips to 25000-24940 zones and should see buyers emerging until markets cracks below that levels or breaks 24850.

On the upside resistance will be seen @ 25540-25600 zones and should see pull backs from there. Until the marked range in green and red doesn’t break in the below volume profiles charts we should see markets consolidate and set up base for the next direction.


1 comment:

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