ArcherDAVIS

BANKNIFTY TRADE SET UP (MARCH WEEK 4)

Long
NSE:BANKNIFTY   NIFTY BANK
The market has been correcting for the past several days and BankNifty has moved down 11.5% from the high it made in February. This has presented some good shorting opportunities. While the market trend in the very short term remains bearish and long term trend being bullish , there is heavy volatility on either side.

After correcting for 4 consecutive sessions, the index had a good recovery on Friday, which may have trapped all the bears. If we observe the trend for the last 1 month of the 15 min chart, we can see how we are currently trading at the bottom end of the downward trend. The index has also made a very nice looking double bottom or W shaped patterns, which generally happen to be reversal patterns. Also, on Thursday's sell off BankNifty re-tested the 50% retracement level from the rally after the budget. Considering the region where the double bottom formation has occurred, I think it is highly likely that the market reverses from here and at least re-tests 35,000. I am more biased towards the bullish side for the coming week, although I am prepared to consider the short side as well incase the Thursday low is broken.

These are my personal views and I reserve the right to be wrong. Please trade with proper risk management.

If you found this helpful, do like and follow. :)
Do leave a comment if you have any questions!

Comments

hey bro send me your twitter id i watched your YouTube videos nice explanations
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out