BANKNIFTY Update 16. 03. 2021

Good evening everyone. Hope you all having a nice day. Here is a quick market update on some technical's that I would consider having by my side for the next couple of days.

Some possibilities and some setups that may or may not work.

As per the weekend update blog :

Keeping Banknifty on a sell on rise mode as worked seemingly well. What most traders confused about was the second half short covering. So where is the index heading now? Have we bottomed out? Or maybe some more room on the downside to spare?

Let's break this down!

If you look closely on the futures chart below we are looking at a steep correction starting from the 12th of the current month. After allocating some relevant levels we can say that 35752/35256 is a decision range which can future lead to a powerful resistance to resume the continuation of the down trend. As of now I see no reason to go long for any reason what so ever unless this pattern is taken out.

So I hope this was helpful, again if you haven't seen the articles you can go through them and kind of give you a more detailed perspective otherwise if you want a more daily view or more detailed view on the technical's you can join us.

Anyway I hope you all have an amazing week.

Take care! :)