Bank Nifty has generated a buy signal in 3 indicators
1. Fibonacci - About to give breakout
2. Price Action - Cleared a crucial resistance line
3. Channel Pattern
I have not drawn 2&3 to avoid confusion and over drawing on chart. I have kept the trade idea simple. Once BN crosses 0.50%, initiate buy position.
1st target will be 0.68%
Keep trailing the trade for full profits.
SL has been given at a cruicial place.
NOTE: This will be a long term trade. Hence keep rolling over the futures until the levels are reached.
1. Fibonacci - About to give breakout
2. Price Action - Cleared a crucial resistance line
3. Channel Pattern
I have not drawn 2&3 to avoid confusion and over drawing on chart. I have kept the trade idea simple. Once BN crosses 0.50%, initiate buy position.
1st target will be 0.68%
Keep trailing the trade for full profits.
SL has been given at a cruicial place.
NOTE: This will be a long term trade. Hence keep rolling over the futures until the levels are reached.
Trade active:
Trade activated since BN opened above 50% retracement today which is a cruicial level of support. If it slides down to 38% level, add one more lot. CMP 24830.