!!BANKNIFTY MAJOR TRENDLINE TEST!!WEEKLY UPDATE!!

-index is witnessing short-covering after a major sell off
-it seems like in shorter time frame the index may have made a double bottom
-financials were the worst hit due to rise in dollar index,rising oil prices and rising bond yields
-they share inverse correlation
-last week on friday i had explained that a DXY has created a gravestone dojin on monthly chart
-a close below 103 on monthly chart will confimr it for that we need to wait out
-earlier i had also explained a note how BANK OF AMERICA had explained that inflation and bond yields had topped out
-on the worst side we have already factored a rate hike in june by both fed and rbi
-if you pay attention to my updates i have mentioned how a top in dollar/inr and banknifty bottom works
-earlier i had also mentioned how INDIA will decouple from rest of the world
-on the other side the measures by govt will help curb inflation
-this is lead to added boost for the markets today

LEVELS TO WATCH
-a two hourly close above 34850
-if does we will have a trendline break which started from 38780
-a short term sharp bounce towards 34600-36200 will be witnessed
-a smooth move later towards 37700-38200-38500 can be seen
-eventually breaking higher

DXY-USD/INR-US10Y-WTI CRUDE

TO BE UPTO DATE
-check the signature box below
-for live updates
*channel view shared early and updated

DISCLAIMER
*my views are not trade recommendation
*please consult your financial advisor
*do not over trade
*manage risk and manage risk appetite

Comment:

Comment:

PATIENCE NEEDED NOW 34850 IS CRUCIAL

Comment:

LEVELS ARE IMPORTANT
WE DID NOT BREACH ABOVE TRENDLINE AND 34850

Comment:

TRENDLINE BREAK IS SEEN
RISING IN FALLING MARKET
YIELDS HAVE COOLED DOWN
DXY IS DOWN
USD/INR IS DOWN
MORE SAFE TO ENTER AFTER 34850

Comment:

Trade active:

OPEN
entered banknifty as discussed@34825
trailed stop to now@34450
target i am looking for short-tern is
T1-35570
T2-35720
T3-36000

Comment:

STOPLOSS UPDATE
ONCE TARGET IS ACHIEVED I WILL TRAIL STOPLOSS TO 75 POINTS BELOW BUY PRICE
BUY PRICE@34825
STOP WILL BE 34750

NOTE IF I SEE TODAY BANKNIFTY CLOSE
LTP=HIGH
WILL CARRY AND ADD MORE

Trade closed: target reached:

WELL DONE
FIRST TARGET HIT NOW

Trade closed: target reached:

SUMMARY
-TODAY I AM EXPECTING THAT SECOND TARGET WILL BE HIT IN OPEN
-IF WE MOVE HIGHER THE ZONE OF 36280-36580 IS IMPORTANT
-I WILL BE TRAILING MY STOP BUT IF ANY DIP TOWARDS 35000-34800 IS SEEN
-IT IS A BUYING OPPORTUNITY

Comment:

Trade closed: target reached:

3RD TARGET DONE
NOW WILL BUY THE FIRST CORRECTION