Bank Nifty Reversal Trade-Setup with Great RR

Aug 14, 2024

Bank Nifty is trading at big demand zone and and we see significant potential for an upside move for several reasons:

Reasons for Going Long in Bank Nifty:

1. Ichimoku Daily Cloud Bottom
2. Ichimoku Weekly KS Support
3. Bullish MACD Divergence on the 1-hour time frame
4. Completing Triple Correction—WXYXZ (considering a truncated scenario; otherwise, BN might aim for the 127% and 161.8% levels mentioned in the earlier post)

CMP: 49,718

Expected Targets: 51,300, 51,700

Stop Loss: 49,590

Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Aug 16, 2024

Note

Almost 680 points after our entry, updated Stop loss is CTC.

Aug 20, 2024

Note

Aug 20, 2024 -- BN gained 1200 points after our entry, close 80% and trail SL for 20% positions

Aug 21, 2024

Note

Bank Nifty is forming a subwave, and we observed a good dip. We're using this dip to buy more as we aim for our final target.

Stop loss is below today's low 50343

CMP is 50566

Expected destination - 51300+

Aug 27, 2024

Note

Aug 26, 2024 - Our expected target of 51,300 for BankNifty hit with the index making a high of around 51,313. Hope all those who follow our ideas were able to ride this trend.