joyesh

Bank Nifty Breakout - Long

Long
NSE:BANKNIFTY   NIFTY BANK
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
Comment: 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.
Comment: Uptrend appears to be intact.

Stop Loss should now be trailed up to 28900.
Comment: 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.
Comment: Stop Loss should now be trailed up to 29800
Comment: Stop Loss should now be trailed up to 30000.
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

Comments