BANKNIFTY will go upwards a little more

Nov 29, 2024

DESCENDING RECTANGLE BREAKOUT -
Banknifty has broken out of a strong rectangle pattern on 15 min chart with good confirmation

GAP-UP BREAKOUT -
The breakout occurred with a gap-up indicating strong upwards momentum


SUPPORT FROM 30D SMA -
apartfrom this it had also taken support from 30D SMA during the closing of the previous day indicating there is potential for upward momentum


5-MIN TIMEFRAME -
the pattern and the breakout is even more clear on 5-min timeframe

Nov 29, 2024

Trade active

Market went upwards till a some points before the target and became bearish after that. The target had to be set according to the width of the rectangle on 15 min timeframe and not according to the width of the rectangle 5 min timeframe