subhagghosh

#BANKNIFTY Cup & Handle 23rd July'2020

Long
NSE:BANKNIFTY   NIFTY BANK
Perfect CUP & Handle formation, chini kam chai jaida.

The breakout above 23000, can result in 2K move, so be cautious with your shorts.

My hands are itching for short creation, but technically we are strong.

Today on OI data, there is no profit booking and short position is getting created, if market goes up the shorts will propel the BN like a rocket.

Will negate the view below 22500.

Comments

Wednesday rule, never carry overnight weekly option overnight.
+4 Reply
tradediary2020 subhagghosh
@subhagghosh, Yes, it is a key thumbrule to keep in mind. You are absolutely right. Break above 23000 can give 2000 points move.
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PERFECT
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This move may happen next week itself. Because the weekly range for bank nifty is 1500 to 2000 points and it cannot go down. In the worst case, it may retrace to the levels of 22600 or so and then shoot up at least up to 24000.
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As of today BNF long build only in data. No short positions.
If i am wrong please correct me.
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I have expiry CE holding, fingers crossed
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