AbhishekHSinghCMT

BankNifty - Key Zone 21380-21400 Still a key zone.

NSE:BANKNIFTY   NIFTY BANK
270 3 10
We should never fight with the market & always take the least resistant path. In last update, we highlighted that 21390-21400 -is the key zone, which will decide whether BankNifty             will go down or some steam is still left.

The upside move from 21400 levels looks very impulsive & taking out 21947 -there is no doubt that it will attempt 22000 zones easily.

Trading Strategy
Scenario-1- Bearish Scenario
Any move below 21615-21600 zone keeping 21947 intact on upside -we will join the bear camp -in that BN             will attempt to break 21390-21400 zone.

Scenario-2- Bullish Scenario
Holding 21600-21615 zone downside as support zone if BN             comes close & fails to take out that zone then we have bullish scenario on cards-largely pointing for new highs above 21947.


Previous Update -Beauty to realise the key level-21550


Previous Update- Series from 17605 to 19000+


Trade active: 11:41 Hrs 25th April2017

Last Price@21930

Below 21880 - Bank Nifty shall look to dip downside Intraday. So, we wait to sell below 21880 next
Trade active: 12:01 Hrs 25th April2017

Last price@21950

Moving Above day high@21980 - we have to think for more on upside.
Trade active: 13:14 Hrs 25th April2017

Last Price@21990- Exit Please

Taken Long above 21980 - Exit Please
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
My view :
it depends what kind of candle it forms(Price action) , Hammer with low just below 21880 wont be good trade set up. If the above 15 min chart is live chart than it might try to fill the gap and do the double top (testing todays high).
Finally It will all depends on price action it shows on the above mentioned point.
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waiting..!! for 21880
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Thanks,
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