Range-bound Market with Bullish Market Sentiments?
BANKNIFTY
On November 1st,2023, Bank Nifty opened with a slight gap-down and remained range-bound throughout the session, obeying the support-resistance levels. The wicks of the candles moved creating some bull-bear traps, and the market ended in a flat note with no surprises on the expiry day.
I have plotted new support and resistance levels, and new positions should be taken only if there is a clear breakout in the 15-minute time frame. The market sentiment looks bullish, but it is important to wait for new surprises before taking any positions.
Technical Analysis is not a fool-proof tool, and market sentiment plays a good role in trading, especially indices. Take positions after observing if the market sentiment and charts align.
PS: Please like and support the idea if this helps. Follow me for daily pre-market analysis.
BANKNIFTY
On November 1st,2023, Bank Nifty opened with a slight gap-down and remained range-bound throughout the session, obeying the support-resistance levels. The wicks of the candles moved creating some bull-bear traps, and the market ended in a flat note with no surprises on the expiry day.
I have plotted new support and resistance levels, and new positions should be taken only if there is a clear breakout in the 15-minute time frame. The market sentiment looks bullish, but it is important to wait for new surprises before taking any positions.
Technical Analysis is not a fool-proof tool, and market sentiment plays a good role in trading, especially indices. Take positions after observing if the market sentiment and charts align.
PS: Please like and support the idea if this helps. Follow me for daily pre-market analysis.