BankNifty weekly overview:
Banknifty rejecting the levels of 36500 (major support) and 37000 (major resistance). Banknifty is just consolidating after breaking the levels of 36500 (upside) or breaking the parallel channel upside.
But it is still facing the resistances on 37000 levels. For the major up move Banknifty has to close a DAY-candle above 37000 and give a follow-up candle (a green candle above 37000 and closing above the high of the previous day candle), then Banknifty will give 1000-1200 points intraday.
But if it breaks the 36500 levels below (which is I am expecting, any day), then give a follow up candle closing below 36000 levels, then panic selling will be starting which will bring Banknifty to 35000-34500 levels in intraday.
Banknifty intraday trading chart for 13/09/2021.
For intraday 36800 level upside is acting as a major resistance (GREEN LINE) and 36500 levels downside is acting as a major support (RED LINE).
The trend lines (BLACK LINE and RED LINE) are making a wedge pattern (Read here...). Breaking the BLACK LINE with 15 minute candle will make it bullish. And breaking the RED LINE with 15 minute candle will make it bearish but there are many supports between 36000 and 36500 (like 36400 and 36200).
