TECHNICAL ANALYSIS OF BANKNIFTY FOR TUESDAY AUG 02, 2022. AS WE SEE FEW DAYS AGO IN THE TECHNICAL ANALYSIS, MARKET IS CONTINUOUSLY UPTREND MODE, AND WE GOING TO DISCUSS ABOUT TUESDAY'S MARKET ANALYSIS. BANKNIFTY'S TECHNICAL LEVELS IS MOST POWERFUL FOR TRADE TUESDAY'S SESSION. BANKNIFTY 1D 37903 (CMP) IMPORTANT POINTS FOR TRADE - BANKNIFTY HAVE A RESISTANCE LEVEL 37935, WHICH IS BIG LEVEL. BANKNIFTY ON TUESDAY WITH CONSOLIDATION OR BEARISH, 90% CHANCE WITH TECHNICAL LEVEL. WE ARE NOT BULLISH TILL BANK WILL BREAK THE RESISTANCE LEVEL OF 37935. AFTER THAT, WE THINK ABOUT BULLISH TRADE. IF MARKET GIVES FLAT OPENING OR GAP-DOWN OPENING - BANKNIFTY 1HR BANK NIFTY CREATES A DOJI AND RESPECT THE LEVEL 37935. VERY HIGH CHANCE FOR FLAT OR GAP DOWN OPENING TUESDAY. IF MARKET OPENS WITH GAP DOWN OR FLAT THEN ENTER AFTER BREAKDOWN OF THAT DOJI AND KEEP BIGGER TARGET FOR BIGGER RETURN. RISK REWARD IF MARKET GIVES GAP-UP OPENING - BANKNIFTY 1D THERE IS NO TRADING ZONE IF MARKET OPENS WI...
WELCOME TO THE WORLD OF KNOWLEDGE - TRADE WITH QMN TODAY, WE ARE GOING TO DISCUSS ABOUT SUPPORT AND RESISTANCE. LET'S SEE WITH US 'HOW TO FIND SUPPORT AND RESISTANCE LEVEL. SUPPORT AND RESISTANCE - SUPPORT RESISTANCE IS RANGE, THERE ARE MANY TYPES OF S&R LEVEL. For e.g. IN A STOCK, PRICE IS TOUCHING 1000 WITH FULL SPEED THEN CANDLE CREATES A WICK ON 1000, AFTER THAT PRICE SLIP TO 900 THEN CANDLE CREATES A WICK ON 900. MANUAL PROCESS - SUPPORT AND RESISTANCE YOU NEED TO DRAW A HORIZONTAL LINE TO BOTTOM OF THE RANGE AND TOP OF RANGE, THEN YOU CAN SAY THAT SUPPORT RESISTANCE LEVELS. THIS IS MANUAL PROCESS. WITH EXPONENTIAL MOVING AVERAGE (EMA) - SUPPORT RESISTANCE (EMA) 20D YOU NEED TO ADD EMA INDICATOR IN YOUR CHART / TRADING SETUP, FOLLOW ONLY ONE LINE FOR BEST RESULT. ALGO TRADERS ARE USING THIS EMA STRATEGY, FOLLOW R:R RATIO OF 1:1 WHILE USING EMA INDICATOR, CAUSE ALGO TRADERS MAY TRAP YOU. WITH FIBONACCI RETRACEMENT - SUPPORT RESISTANCE (FIBONACCI RETRACEMENT ) ...