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subhagghosh
Feb 16, 2021 8:02 PM

#banknifty analysis for 17th Feb  

Nifty Bank IndexNSE

Description

#banknifty analysis for 17th Feb

BN gave breakout on Monday after 6 days of consolidation and today's was a pullback after a breakout. We need to go long on this index, pullback can be today's low or might be a bit more correction till 36,132 levels for a final target of 38.5K on the upside.

Decision Zone:- 37,124 - 37,235

Upper Targets:- 37,347 / 37,506 / 37,708 / 37,966 / 38,100 / 38,219 / 38,535

Lower Targets: 36,986 / 36,735 36,477 / 36,132

One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.

Regards,
SG
Comments
federalOil8875
Again bank nifty sign of consolidation mode,weekly expiry and monthly expiry ,which way, today's decision line heavy supply zone
subhagghosh
38k + target is there, book above 38k
ssiddhanta
Subha da I hold 36900 CE on 25th exp. Should I hold? Any suggestion will be highly appreciated. Thank you vey much dada.
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