inteliigentrader

Trade setup for Bandhan Bank

NSE:BANDHANBNK   BANDHAN BANK LTD
Today Bandhan Bank should have rallied higher, but after a rally on 5 min chart, it consolidated for the rest of the day, meaning the volatility contracted, creating another narrow range candle, which is a second one in the past 2 days. I am expecting a huge rally in Bandhan Bank , either bullish or bearish rally. Seeing a breakout from the downward resistance trendline, I am expecting it to rally towards the upside, after consolidating in a small range in today's session. Using the NR7, I had selected two other stocks, IndiaBullHsgFin and TataMotors, which gave nice rally. IBULHSGFIN gave 3-4% rally in the first 3-4 5 min candles after which it began to fall whereas TataMotors was able to climb up and stay near the highs.
This is an educational post and all the opinions provided above and on charts are simply speculation. Nothing is 100% in market
Consult your financial advisor before taking trades
I do not recommend taking trades according to my analysis as you may incur loss, for which I am not responsible.
Trade carefully
Grateful🙏
Trade closed: target reached: Woohoo! Target reached. Hope everyone could use the trade setup. I got a R:R of 1:9. Thanks to the universe. Other stocks also did well.

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