Bravetotrade

Bank Nifty: The Breakdown

NSE:BANKNIFTY   NIFTY BANK
Notes on the chart.

Hit like if this information is useful.
Trade Safe, Be healthy.


Regards
Bravetotrade
Comment:
Comment:
Comment:
Comment: BN broke 55 EMA, gave a clear signal and confirmation before reaching the first support zone. Today it pierced into the support and bounced near 100 EMA.

There is a possibility that it retests the confirmation level or the 55 EMA, making ABC type structure, before resuming the downtrend.

OR the other possibility could be that BN breaks today's low and..

The downtrend resumes without any consolidation. In that case, the 200 EMA which falls quite near the 22300 level (0.382 level if I am not forgetting) will be a good spot to cover shorts.

Two strong downwaves from the highs are reflecting clear pressure on the downside.



Comment: Notice how the index made a double top near the 55 DEMA @ 24235 we discussed yesterday and reversed.

Now 24100-24140 will be a supply zone in the near future.
Comment: Here is the double top I was discussing yesterday. It would be interesting to see BN behaviour at the the confluence Zone shown in the snapshot.


Comment:
Comment: Still in the range..


Comment: BN still in range


Where does one go short ?
Reply
Bravetotrade Parasuram
@Parasuram, I think there will be trap high above the range..should not hurry in shorting and wait for confirmations..late short is better than getting trapped in up move.
Reply
Parasuram Bravetotrade
@Bravetotrade, Agree Ram! not good to be presumptive and preemptive! shall wait for the right signal..
Reply
Parasuram Parasuram
@Parasuram, sorry... for the wrong name..
Reply
Bravetotrade Parasuram
Reply
Bravetotrade Parasuram
@Parasuram, u r right.
Reply
Bravetotrade Parasuram
@Parasuram, In numbers, best opportunity should come in 24350-24550 zone.
Reply
Parasuram Bravetotrade
@Bravetotrade, Ok,Thanks!!
Reply
Bravetotrade Parasuram
@Parasuram, welcome.
Reply
ok. thanks
Reply
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