BANKNIFTY is forming an inverse Head and Shoulder pattern on daily charts with great momentum and 82% roll over in May series. Lot of short covering seen in past session makes this counter attractive. The stock has currently taken support at its 50 Day EMA and bounced back at 25008.
One can go long here with Target of 25710/25920/26140, Keeping Stop Loss below 24860. Risk Reward: 1.45.
Target of 25710 done.
Touched 25913 in intraday high.
Trade closed: target reached:
Target of 26140 done