PowerTrades

BANKNIFTY Pullback Time

NSE:BANKNIFTY   NIFTY BANK
BANKNIFTY             looks like have formed some sort of temporary base here. so the upside reward versus risk and a probability scenario is more favourable.
Until the levels of 24100 hold steady a pull back is a likely scenario. Initial target zones will be 24700 a clear of that can test 25200 levels.
Although do remember the long term swing set up still remains bearish . The above scenario holds good till 24100 holds or we form a base at a higher zone
Trade closed: target reached: Time to start packing up the longs. I dont expect BNF to go beyond 24750-24850 zones. Rather will look for a reversal into the consolidation zone around those levels.
More on the mid term and near term possibilities posted here http://powertrades.blogspot.in/2018/03/banknifty-multi-time-frame-perspectives.html
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