17TH APRIL 2020, Friday, BANKNIFTY CHART ANALYSIS
1 Minute Chart - Whole Day - Price Action Analysis.
Description:
BANKNIFTY opened at a gap up (opening price: 20374.90) and clearly couldn't maintain the levels. after the closing of the first candle at 20345 with a low of 20342, it broke down and fell while retracing a bit. every time it retraced, it made a lower high than before. therefore making it clear that BANK NIFTY was in a negative trend or a bearish trend.
At 10:52 AM, the market started recovering and going upwards. at 11:08 AM it indicated a breakout and moved till 20144. After reaching this point, it faced the resistance from the earlier trendline and soon it showed a breakdown.
with a fall till 19735.70 and closing at 19760. the market took support at the respective level and started moving upwards. On facing the resistance R1 for the first time, it couldn't sustain the level and fell but for the second time, it broke the resistance and moved towards resistance R2. at this time it retraced till its support area and started its slow but steady rally upwards from the support zone at 19755.
At 13:26 PM, the market indicated a breakout and slowly changing its sideways movement to a bullish trend. Afterward, it broke the resistance R3 and R4 indicating a clear bull run in the market. (refer below image)
after breaking the last resistance R4, it continued its bull and market closed at 20749 with a high of 20755.
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