Bank Nifty Breakout - Long

Oct 17, 2019

Bank Nifty appears to have completed its consolidation below the 200DMA and closed above the resistance with a bullish breakout above the triangle.

RSI(14) indicates a build-up in strength.

Target: 30800
SL: 28500

Oct 27, 2019

Note

News based selling Re: SC order on Telecommunications companies was followed by a support seen at 200 DMA which is incidentally also one of the recent swing lows formed around July 24, 2019. Upmove above 29700 could mean the original target is achievable.

SL remains at 28500.

Oct 29, 2019

Note

Uptrend appears to be intact.

Stop Loss should now be trailed up to 28900.

Oct 30, 2019

Note

Doji which is indicative of indecisiveness formed with higher high and higher low.

Bias remains bullish.

Stop Loss should now be trailed up to 29400.

Oct 31, 2019

Note

Stop Loss should now be trailed up to 29800

Nov 1, 2019

Note

Stop Loss should now be trailed up to 30000.

Nov 6, 2019

Trade closed: target reached

Banknifty witnessed exhaustion close to its target at ~30600 forming a hammer followed by a red day. Profits should be booked at this stage