Be careful & do not hurry to trade - we have prz(potential reversal zone) in 26550 -26575 -If you see BN holding that zone or getting resistance book your profits in the long trade & be ready to take reverse gear.
1st Target downside could be 26400
2nd Target downside could be 26150 (Only if starts moving below 26400 & sustains below 26400)
3rd Target downside if starts moving below 26125
Review of SBIN
Our last trade in state bank is running in the money from 259-260 lows as expected & closed at 267 - we have stops modified to 261. 40 as updated in the post & looking for 272 - 275 -278 target upside & later be ready to reverse if BN takes reverse gear.
Review of Hind Petro
We expected sell from 309-310 but price wasn't moving at the required rate so we have to be cautious & trade downside if it sustains below 306 to 295-297 zone else holding above 306-307 - it can bounce upside as suggested last for 312-320-330 levels.
Bank Nifty reached 1st target downside@26400 after opening gap up@26645 -Holding above 26400 we can expect bounce same as SBIN above 264 ( if 264 broken we book profits in SBIN@264)
Bouncing above 26400 & holding above 26400 is a positive sign
Above 26400 - It shall remain positive
80 points up above 26400 - No selling above 26400 - I have updated this above. Selling only below 26400.
In the zone of PRZ 26550-26575 if faces resistance & starts moving below 26550 - we will book profits or above 26575 - we will continue for 26650 levels.
we are 300 points in Bank Nifty +
Zone 26550-26575 holded again
Back to opening price of the day above 26575
BankNifty - Another 100 points uppppppppppppppppp at 26725
Another 100 points +++++++++++ We are 550 points in Bank Nifty + Enjoy!
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw