Banknifty has been trading in ascending channel on hourly chart.
If we look at the major trend, banknifty is still in bearish trend.
We also checked the retracement levels using Fibonacci retracement as mentioned on chart with dotted lines.
3 scenarios can be happening tomorrow either GAP UP, GAP DOWN or Same as next days closing.
If we open gap up we will surely wait for any bullish scenario building up on resistance level which would be our support at that time.
If we open gap down we would be waiting for the retest of our support which would be acting as resistance at that time.
If we open within the Ascending range we would wait for the the breakout of channel.
Trade safe
If we look at the major trend, banknifty is still in bearish trend.
We also checked the retracement levels using Fibonacci retracement as mentioned on chart with dotted lines.
3 scenarios can be happening tomorrow either GAP UP, GAP DOWN or Same as next days closing.
If we open gap up we will surely wait for any bullish scenario building up on resistance level which would be our support at that time.
If we open gap down we would be waiting for the retest of our support which would be acting as resistance at that time.
If we open within the Ascending range we would wait for the the breakout of channel.
Trade safe