PowerTrades

BANKNIFTY Planning the next trade set up here.

Short
NSE:BANKNIFTY   NIFTY BANK
27-feb:
since few sessions before when we established that the 24850 is a base, Banknifty had a relentless rally to reverse the mid term swing. long term view still remains short.
Hence sooner or later it will give a good short opportunity. For a day trading point of view yesterday lot of consolidation happened at the top, indicating
some fatigue from the long side players. Now we have a major retracement at 25880 and swing resistance at 25950-970 zones. These zones if tested can give good short
opportunities for the traders. On the downside intraday support now emerges at 25640-50 zones.
Comment: Thats funny, I posted the short idea at 9:22 AM IST, when Banknifty was trading @ 25720 spot. the signals on the chart appear an hour later. anyway, turned out to be agood play
Comment: Banknifty formed a a weak weekly closing candle. based on that any upmove to 25150 will be resisted, trading above that can attempt 25350 zones.I dont expecta swing reversal
until 25550 is taken out convincingly. On the downside now trading below 25000 levels keeps the targets of 24550 open.
Comment: Not much to update here, looks like there will be some follow through selling, we may see a weekly expiry below 24500 levels now.
Downside targets for now are 24150 in case we continue to trade below 24650 levels
Comment: Update 07-Mar Post Market: As it looked like based on OI change and the close, good follow through selling despite global markets being positive when we closed yday.
Low made just at the target zones.

Comments

what next ?
Reply
PowerTrades coolappleamit
@coolappleamit, posted the next set of plan, expect the short on rise set up to continue for swing traders. Overall will wait for markets to absorb the news and then look for a trade set up based on the above scenarios
Reply
coolappleamit PowerTrades
@PowerTrades, Great thanks !
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