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INDEX - Day of Secular Trends are Over

Consider Weekly Chart of BANKNIFTY and NIFTY for a moment.




From Oct 2021, we are literally at the same place. A burst rally here and there but literally at the same place. We are making another Lower High Lower Low formation on daily charts which means the bullish trend is still missing.


NIFTY right now is at 19488. And 19500 - 19800 is a big resistance zone given how the volume has accumulated at this point in the past. Even if we drift to 19800 higher, still given the resistance, it can be a sluggish, and choppy move. Bullish run marred by frequent sells. Or gapups and falling but eventually moving up.



BANKNIFTY on the other hand is already at a resistance of 43800, with next resistance at 44800 and support at 42800. At current zone, I will wait for BANKNIFTY to give a clear direction to either side and then follow that direction. Letting it revolve at 43800 for some time before I initiate a trade.


I am trading with sideways bias for next 1 week.


Happy Trading


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