Bank Nifty rallies 500 points from Gann Arc,EOD Analysis

Wednesday, February 1 Leave a Comment

As discussed in Last Analysis Bulls need close above 19800 for move towards 20200/20500. Bears below 19360 for move towards 19140/18920. High made was 19624 and low was 19435 so bank nifty continued to trade in range also made low near the green arc as shown in below chart. As we have budget today expect range of least 600-900 points, On downside 19000 strong support below that 18622 can see quickly on Upside we can move towards 20300/20500 on move above 19800. Yesterday low was at gann arc  was first indication of bank nifty heading higher and today when it trading above it during budget speech was a very big confirmation. Bank Nifty had a range of 615 points as we discussed, It did not break 19360 so bearish were on back foot and as soon as 19800 was taken out we saw the big rally towards 20000 and we should get 20150/20200 by tomorrow.  Do's and Don't For Trading on a Budget Day

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