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natarajanshankar

Banknifty - 27 May 2021- Positional trade (Rising Wedge Pattern)

Long
Nifty Bank Index (NSE:BANKNIFTY)  
natarajanshankar Updated   
NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis Chart Patterns Wave Analysis BANKNIFTY bankniftytrend bankniftytradesetup bankniftyanalysis bankniftytrading bankniftyview
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trendanalysis chartpattern waveanalysis banknifty bankniftytrend bankniftytradesetup bankniftyanalysis bankniftytrading bankniftyview
After a long rally, the Index is near to the strong Resistance Zone at 34850-34950 levels. It will retest there and come back to its support at 34500 as the RSI is in Over Bought level. We can execute Fresh Long positions near the support levels as the Market is in Bullish mode. Some minor corrections may happen to complete the Elliot wave pattern as mentioned in the chart. Market will remain to be highly volatile because of Monthly Expiry. Option players have to be lit bit careful.
It is on the way to retest its All time high during June.

Please share your valuable feedback.

Disclaimer: Please do your own analysis before taking any trade. This view is for educational purposes only.
Trade closed: target reached:
Banknifty retested the resistance came to support level as mentioned.
Now new rally will begin
Comment:
Still obeys the trendline and wedge pattern. Longs need to be careful after this, as Rising wedge will most likely trigger a down trend.
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