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
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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
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12:01 Hrs 25th April2017
Last price@21950
Moving Above day high@21980 - we have to think for more on upside.
Trade active
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13:14 Hrs 25th April2017
Last Price@21990- Exit Please
Taken Long above 21980 - Exit Please
Comments
neneram
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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.
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.