#banknifty analysis for 5th Feb
6 trading session 5725 point rally, it's too fast & furious rally to sustain and have to cool down.
The pattern getting formed is nonsustainable and will fail (71% elevation can't be sustained)
Positional short only below 34,200.
Decision Zone:- 35,028 -35,160
Upper Targets:- 35,321 / 35,413 / 35,845 / 35,996 / 36,112 / 36,328
Lower Targets: 34,791 / 34,498 / 34,047 / 33,586
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
6 trading session 5725 point rally, it's too fast & furious rally to sustain and have to cool down.
The pattern getting formed is nonsustainable and will fail (71% elevation can't be sustained)
Positional short only below 34,200.
Decision Zone:- 35,028 -35,160
Upper Targets:- 35,321 / 35,413 / 35,845 / 35,996 / 36,112 / 36,328
Lower Targets: 34,791 / 34,498 / 34,047 / 33,586
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
