AbhishekHSinghCMT

Bank Nifty-Bearish Gartley@26550-26575

Short
AbhishekHSinghCMT Updated   
NSE:BANKNIFTY   NIFTY BANK
Last Traded Price@26336
Be careful & do not hurry to trade - we have bearish gartley 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.
Downside Objective
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.

Best Regards
Trade active: 09:37 Hrs 31st May 2018

Last Price@26415

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)

Trade active: 10:59 Hrs 31st May 2018

Last Price@26465

Bouncing above 26400 & holding above 26400 is a positive sign

Above 26400 - It shall remain positive

Trade active: 12:01 Hrs 31st May 2018

Last Price@26480

80 points up above 26400 - No selling above 26400 - I have updated this above. Selling only below 26400.
Trade active: 13:23 Hrs 31st May 2018

Last Price@26565

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.

Trade active: 13:35 Hrs 31st May 2018

Last Price@26515

we are 300 points in Bank Nifty +

Zone 26550-26575 holded again

Trade active: 14:45 Hrs 31st May 2018

Last Price@26630

Back to opening price of the day above 26575

Trade active: 14:58 Hrs 31st May 2018

BankNifty - Another 100 points uppppppppppppppppp at 26725
Trade active: 15:03 Hrs 31st May 2018

Last Price@26820

Another 100 points +++++++++++ We are 550 points in Bank Nifty + Enjoy!
Trade closed manually: Close all positions & Enjoy


Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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