#banknifty view for 8th Nov'21:-
The price is already trading below the medium-term trend line and hence the market is weak and the index failed to move above 50% of the recent fall.
I will be avoiding aggressive along until we cross above 40200 and hold.
How to trade?
1. trade the range 39,229 to 40,128 until we have a decisive move.
2. Sell below 39k for a target of 38,400 and aggressive sell below 38,400 levels.
3. All will be well above 40,200 closings and again we will be back on track.
39,726 is the Laxman Rekha, Up is +ve, and below is -ve
Possible setups formation:- Inverted flag and rising wedge, which is a bearish signal.
Regards,
SG
The price is already trading below the medium-term trend line and hence the market is weak and the index failed to move above 50% of the recent fall.
I will be avoiding aggressive along until we cross above 40200 and hold.
How to trade?
1. trade the range 39,229 to 40,128 until we have a decisive move.
2. Sell below 39k for a target of 38,400 and aggressive sell below 38,400 levels.
3. All will be well above 40,200 closings and again we will be back on track.
39,726 is the Laxman Rekha, Up is +ve, and below is -ve
Possible setups formation:- Inverted flag and rising wedge, which is a bearish signal.
Regards,
SG
