Banknifty Daily Review - 1 September 2020

#banknifty - Index formed a spinning candle in today's session, spinning candle is an indecisive candle, which indicates both bulls and bears are struggling to take prices in their direction. The important thing to note here is that the previous day low is still protected and prices did not go below it.
Secondly, the support that I identified, can also be seen held in the attached intraday chart, which is indicating that prices are forming base support and may trade in a range for a while.

#Pattern Symmetrical triangle formation can also be seen on intra-day charts, hence breakout will decide the further direction in the index, However, odds of triangle breakout generally stay in favour of the previous trend.

Hence 23590 becomes an important level, if broken, index may see 23000 and 22350 levels on the downside.

Intraday resistance comes around 24057 and major Resistance levels remain the same as described in yesterday's post.