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Bank Nifty - Probable Range Levels - 4th-8th June

NSE:BANKNIFTY   NIFTY BANK
Bank Nifty - Probable Range Levels - 4th-8th June

Personally I think it is headed down. However, if it does go up then the support and resistance lines can be used as a guide to SL and targets.

On the daily charts there is an inside candle. Conservative traders could decide in a trade only after the breakout happens below or above the 31st May candle.

There seems to be a complete harmonic pattern . I cannot make out exactly which one it is. The B point makes it look like a Bearish Deep Crab . But then I would have expected the D point to have gone higher. In fact it just might go up and then fall. So there is a chance of a sudden climb up. However, I think it is only a matter of time before Bank Nifty corrects down.
Please press the <load more bars> button and perhaps zoom in or out to view the chart properly as the week progresses.



Comment: Be alert to the fact that RBI is going to deliberate for 3 days on the various bank rates and declare it on Wednesday. Insider information is a fact of life in the case of the really big players.

So is Bank Nifty falling because market makers expect no hike and then plan to buy at lower levels tomorrow and day after? If they knew there was going to be a hike they would have sent the price up today and tomorrow and then shorted heavily on Wednesday. But it is falling today and I find that interesting...

I think there will NOT be a hike and Bank Nifty will shoot up on Wednesday or Thursday. This is of course my personal speculation. I will NOT trade on this and advise everyone NOT to trade Nifty, Bank Nifty and Rate Sensitives like autos, NBFC etc.
Trade active: Long on Bank Nifty... very tight SL
Trade closed manually: Closed position... minor gain... Bank rates decision by RBI tomorrow makes it risky to hold position BTST
Comment: Bank Nifty daily candle is a Doji with a rather long tail. I expect it to drop.

Tomorrow is Friday and on Tuesday next week the Kim-Trump talk start which could lead to unexpected outcomes.

I believe there was no fundamental reason for banks to rise the way they did after the RBI rate revision. It is bound to fall now.

Trade carefully tomorrow if you are bullish. Better still - stand aside and wait for next week..
Comment: Shorted Bank Nifty
Trade closed manually: Closed EOD

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