Banknifty Daily Analysis

BankNifty Analysis 6th June 2023

Hello Friends ! Let us start BankNifty Analysis 6th June 2023. Just as discussed yesterday, BNF was in trap zone today. Exactly, as per our yesterday’s analysis, BNF cleared closing low of yesterday in the first hour and made a small downside move.

But I had already mentioned, I would not lean with bears till BNF closes below the 1 hr trendline support. And, the sharp bullish move in the last hour today attested that bulls have not yet left control of the market and sellers who came in the first hour with open position had to take SL in this move.

What Now?

Market is still in a range. My dice rolls towards a bullish BNF. And so, we will have to wait till BNF clears the 44265 level after consolidating near it. Mind it, if it breaks this level at once, there is high risk in going long, but if it breaks after consolidation with high volume, a good buy position can be taken with a Stop Loss of 60-70 points.

Same way, if there is a gap down opening, and market moves below today’s low, then wait for a 5 min candle to close below 1 hour trendline and then aggressive traders can take immediate entry and cautious traders can enter upon retest of this level.

So, friends Bye for Now. Will meet again tomorrow. Till then, Keep Trading, Keep Learning and Keep Winning. 

*In addition to the Disclaimer, I wish to submit that, all the information given here are only for education purpose and I dont give any buy or sell ideas. Investments / Trading in Stock market is subject to market risk and please consult with your financial advisor before taking any position. This blog is created only for expanding my learning through analysis and share this knowledge with my visitors. The writer will not be responsible for any profit or loss directly or indirectly due to the information given in this blog. I do not take responsibility for any information or product link in the pinned comments or in this blog. Hence, please be at your own risk while using/acting on them. Thanks for your support.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button