BankNifty - RSI divergence daily / hourly charts.
Bank Nifty looking stronger on many parameters but is showing a divergence with RSI.
Cautious approach is necessary as long as this signal is there.
31240 should act as strong support, if broken Bears may control the show. I would trade in options period spreads only and wait for clarity.
Some reliable indicators are showing weakening of momentum, without much fall in index. Can be taken as an early warning for bulls.
Wait for 31470 to be crossed for taking any long positions, stop - 31240.
Sell below 31250, stop 31326. Target 31115 - 31025 - 30916.
"Puneet_9EMA_21_RSI" is a simple and reliable indicator, many of us have been using it for a few months as it has given some reliable and timely "Enter" and "Exit" signals, during the past three months. Please back test yourself - it will give you confidence in trades.
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This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
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Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
Cautious approach is necessary as long as this signal is there.
31240 should act as strong support, if broken Bears may control the show. I would trade in options period spreads only and wait for clarity.
Some reliable indicators are showing weakening of momentum, without much fall in index. Can be taken as an early warning for bulls.
Wait for 31470 to be crossed for taking any long positions, stop - 31240.
Sell below 31250, stop 31326. Target 31115 - 31025 - 30916.
"Puneet_9EMA_21_RSI" is a simple and reliable indicator, many of us have been using it for a few months as it has given some reliable and timely "Enter" and "Exit" signals, during the past three months. Please back test yourself - it will give you confidence in trades.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications, consult some financial adviser before taking any positions.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Please consider hitting the LIKE button below the chart, if you find this post / idea worthy. You may also FOLLOW me over this forum for periodic updates on Nifty , Bank Nifty and bullion.
Comment:
Bank Nifty obliged, and met the 1st target, even came closer to the IInd target of 31025. The short term trend appear downwards only, IInd and IIIrd should be met on Monday.
Trade closed: target reached