fortuneteller
Short

BankNifty Three Drive with Rising Wedge

NSE:BANKNIFTY   NIFTY BANK
BankNifty is in Euphoria Mode, i have been bearish on banknifty since 19200 but it has rallied almost 5% since then, i still think it is Working on Greater Fool Theory, Fundamentals are still bad and it is giving some signals for weakness in technicals also, it is making Harmonic Three Drive Pattern with rising wedge , any bad news will trigger a big selloff, same patterns are showing up in Nifty Also..
I am creating short positions with put options as it is constantly giving leg ups and no level will be safe for stoploss, but still this i think it will give up all the gains and even go lower than that..
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AMBRISH fortuneteller
@fortuneteller, Thanks, i will wait till it reaches previous high,
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Now What to expect in Bank Nifty?
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@AMBRISH, I am creating short positions with put options as it is constantly giving leg ups and no level will be safe for stoploss, but still this i think it will give up all the gains and even go lower than that..
Reply
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