Nifty Bank IndexLong
Bank Nifty Trading Strategy for 29th May'2020.
If I totally go up price action on Bank Nifty, there are two b2b breakout levels crossed and held (18,200 & 19,000).
As per the current breakout, the target on the upside is 20,785 to 20,820.
One thing that is worried, BN moved 8% yesterday on account of some 1.5 L package to Banking Sector rumors.
If the pattern has to fail, the first signal will be BN trading below 18,828 and final confirmation below 18,400 levels.
I will wait for 19,550 levels to be crossed and held for fresh long, else will remain neutral and will bet of breakout fails if it happened.
Decision Range [ 19,034- 19,210] above +ve and below -ve.
Imp Retracement levels.
0% (b) 21,967
23.6% 20,819.568
38.2% 20,109.716
50% 19,536
61.8% 18,962.284
76.4% 18,252.432
100% (a) 17,105
#banknifty, #niftybank
Again due to storm and power cut, I was unable to post expiry analysis.
As per the current breakout, the target on the upside is 20,785 to 20,820.
One thing that is worried, BN moved 8% yesterday on account of some 1.5 L package to Banking Sector rumors.
If the pattern has to fail, the first signal will be BN trading below 18,828 and final confirmation below 18,400 levels.
I will wait for 19,550 levels to be crossed and held for fresh long, else will remain neutral and will bet of breakout fails if it happened.
Decision Range [ 19,034- 19,210] above +ve and below -ve.
Imp Retracement levels.
0% (b) 21,967
23.6% 20,819.568
38.2% 20,109.716
50% 19,536
61.8% 18,962.284
76.4% 18,252.432
100% (a) 17,105
#banknifty, #niftybank
Again due to storm and power cut, I was unable to post expiry analysis.
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