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Bank Nifty Illustrates That Don’t Buy At Dip Blindly

Posted: 19 Dec 2021 05:44 AM PST

Buyers neither faced the falling knife nor paused the bloodbath, and the sellers won the day.

BEFORE
09 Dec 2021 (10 Days Ago)

Price had stuck in the descending channel, and we had a chance to see the maximum move of 37800 due to the supply zone.

I have mentioned (click here to read the previous bank nifty report), “you must note the second resistance of 36871. It is a barrier for buyers. If Bank Nifty remains under of it, then we may see an excess of this channel. And that will collapse the Bank Nifty prices from 36800 to 36300 – 35696 below.”

AFTER
17 Dec 2021 (3 Days Ago)

Price had started an upward move and made a high of 37581.
Bull traders pushed prices near the supply zone where sellers had taken control.

2:35 PM, Bank nifty reached the last target of 35696 and made a low of 35535.

Even if you have traded after the breakout of 36871, you could have 1164 points in just three days.

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The post Bank Nifty Illustrates That Don’t Buy At Dip Blindly appeared first on Moneymunch.

Nifty Can Step Back Here To Get The Following Targets

Posted: 19 Dec 2021 05:18 AM PST

BEFORE
13 Dec 2021 (7 Days Ago)

Nifty was out of the downtrend channel, but it hasn’t confirmed the bull run by breaking the nearest lower high. There was an important pivot point of 17646.

I have mentioned the following targets (Click here to read that nifty report):

“If nifty gives a continuous break to the upper band of the value area, traders can initiate a buy position for the target of 17554-17586-17618.”

“Strong closes above 17621 indicate a good time for bull traders.
Swing failure may drive the price lower. Bear traders can look for 17465-17408-17312.”

AFTER
17 Dec 2021 (3 Days Ago)

Nifty made a gap-up morning and hit all upside targets of 17554-17586-17618.
After reaching the last upside target of 17618, the price couldn’t give a strong close above it and fall for the downside target.

The pivot point has supplied to exceed the demand, and our downside targets have been reached by nifty.

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The post Nifty Can Step Back Here To Get The Following Targets appeared first on Moneymunch.