Gap Filled, Bank Nifty Killed.

Jun 17

Technical Setup:
• Gap Fill Completed:
The sharp up-move from ~55,200 to ~56,000 on June 13 created a gap zone, which has now been filled with today’s price action.
• Breakout Rejection:
Price attempted to break above a resistance zone near 55,950–56,000, but was sharply rejected with a long upper wick followed by red candles — showing exhaustion.
• Bearish Price Action Confirmation:
Price has broken back below the resistance-turned-support (now resistance again) at ~55,900, confirming a false breakout and shift in momentum.
• Volume Analysis:
Spike in volume on rejection candles suggests distribution at higher levels.
• Structure:
Rising structure has been violated, indicating a lower high possibility and pullback setup.

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Trade Details:
• Entry (Sell Below): ₹55,850
• Stop Loss: ₹56,050
• Target 1: ₹55,500
• Target 2: ₹55,250
• Target 3: ₹55,000 (gap base)
• Risk-Reward: 1:2.5 minimum

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Narrative Summary:

“What Bank Nifty gave last week, it just took back.”
After a fast rally, the index completed its gap fill and faced resistance near 56,000. This makes it ripe for a retracement. Failed breakout + volume rejection + structure violation = strong case for shorting.

Jun 17

Trade closed: target reached