Bank Nifty Beautiful Consolidation

Jan 29

Hello friends best wishes to all of you from my side, as you all know that current government is going to present it's Union Budget in two days and as we have seen on the day of the budget or a day or two before it the major indices of the market make very uncertain movements. Therefore I have made a chart of Bank nifty which is very easy to understand.

So on the available chart we can see that for the last few days Bank Nifty has been trading in a very small range which we can call a consolidation in a parallel channel and in case of a breakout of this channel in any direction we can see the pattern based targets coming.

I understand that there will be a lot of volatility in the markets due to the budget that's why after the range breakout I will place the stop loss only when it closes in the opposite direction of the range. I hope that the charts presented by me will definitely help you in some way or the other on your charts or your setups.

Hope you like this publication.
Best regards- Amit.

3 days ago

Trade active

Avoided the trade due to possibility of high volatility around budget days but yesterday got a breakout with a good candle and now it is expected that after breaking the consolidation it will comfortably move towards the target, hence the stop loss is being kept at cost (entry) price, Stil long position is in 500 points gain but i will like to see the target.

3 days ago

Note

marked one immidiate resistance if break and close above we can see bullish momentum toward marked target