TradersVenue

BankNifty 25Jul2019 Expiry View

NSE:BANKNIFTY   NIFTY BANK
BankNifty seen major sell off in last day of the previous week wiping out 660 points in intraday. On daily scale it has formed double top kind of pattern and has given breakout below its neckline of 30223. Theoretically it can test 28525 which is height of "M" and 100% retracement of the pre-election rally. Due to the heavy correction it might see a pullback relief rally. But that should be used as an opportunity to create fresh shorts for an eventual target of 29250/28500j #SellOnRise
Comment: Disclaimer: As the name suggests, objective of this posts is to educate and help members earn profit from trading. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE/BSE/MCX market basis above recommendations. All the stock ideas/views are momentum picks chosen using technical indicators and for education purpose only. And my views may go wrong. I am not responsible for profit and losses or SEBI audits arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades or trade at your own risk.

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Comment: Made low of 28888. Nearly 1000 point gain.

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