BNF next support 38000 ? for NSE:BANKNIFTY by tmvinoth3

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Hello All, Please refer my previous related idea below where I expected 39700 level to be touched next week but it touched 39400 as well in this week itself.

So again we saw great selling as inflation fear and FED has been given interest hike warnings.

FII has sold 2899 cr and DII has bought for 299 cr as moreover same like yesterday.

Important trend has been broken on daily chart indicated with bold black line. Also multiple signals like EMA shows bearishness. Our markets were strongly in uptrend now it’s in correction phase may bounce from the 38000 levels.

However we cannot only rely on technical analysis but also news spreading around can make the market upside down. When it happens there is no use relying only technicals. We’ve to be ready to respond and react based on the situation.

Let’s see how US market performs today we might see that effect on Monday opening as our market also simply following US market these days.

Always trade carefully because it’s your hard earned money.

Please note this is just my observation only and consult with your financial advisor before taking any trade.

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