Bank Nifty Long Setup
Bank Nifty at critical support (52 week low level) and Fibo 78.5%. RSI in oversold territory.
Negatives:
Bearish biased market conditions
Russia-Ukraine crisis
Current Market Price far below 200 day MA
Positives:
High chances of Russian invasion coming to an end
Oil prices could plunge with more supply.
Already oversold market.
Markets could recover more than 10% in next 3-4 months time.
Low Risk Traders: Wait before investing
Moderate Risk Traders: Buy in low quantities with enough capital to buy on dip
High Risk Traders: Buy now and hold for 3-4 months.
Comments always welcome. Thanks
Negatives:
Bearish biased market conditions
Russia-Ukraine crisis
Current Market Price far below 200 day MA
Positives:
High chances of Russian invasion coming to an end
Oil prices could plunge with more supply.
Already oversold market.
Markets could recover more than 10% in next 3-4 months time.
Low Risk Traders: Wait before investing
Moderate Risk Traders: Buy in low quantities with enough capital to buy on dip
High Risk Traders: Buy now and hold for 3-4 months.
Comments always welcome. Thanks
Note
If the market opens gap down(which is likely to happen), look for next support at 32100-32200 range. Conditions favoring bears but bull could take the drivers seat anywhere in the next 3-4 days.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.