abhi.rus

Trading Plan for Bank Nifty

NSE:BANKNIFTY   NIFTY BANK
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7
As posted yesterday we have achieved the targets, even after a positive RBI rate cut announcement today.

What we have now is Higher high and Higher Lows formation which makes reversal possible. So, now if we start heading higher we can achieve the Higher price range, shown on charts as Buy Target Range. A breakout above the Buy target range will confirm reversal for time being.

However, if we break the target range(Sell) towards lower side, Bank Nifty can achieve the Extended target range.

Trade carefully and with minimal Stop Loss.

Comments

I don't see any reason why Bank nifty would go up. Best possible reason, if it could go up, was today with 35 bps rate cut. Add to that currency woes, ruppee trading above 70.60. So in short term your lower extended targets seem achievable, though not in this weakly expiry.
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abhi.rus protrader1969
@protrader1969, It's a plan for next few days to come. Sometimes, things will not percolated immediately for technical formations. Technical reason for Bank Nifty to go up, it is at trend support line of (25/03/2019, 15/05/2019, now). With 61.8-78.6 retracement complete, there is also possibility of heading into Elliott 3rd wave formation. Downside is definitely likely but thus so is upside as well. Further formations in the day will guide us all. :).
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