Bank nifty is following 15 days time cycle since Nov.2020, meaning every 15-16 days bank nifty forms important pivot low post which we can see rally.
Yesterday we had 15 day cycle low day,post which we are seeing rally meaning cycle is still active and has capture past 3 lows perfeactly. Going ahead we can see this rally to continue and for short term 32155 can act as important pivot support for bulls.As we also have morning star pattern formation on daily chart.
Focus should be to buy on dip's(around 33200-300) with a stop-loss of 32155 on the lower side and target can be 35500-35600.
Disclaimer:This are just my views posting for my future reference.No trades should be taken on its basis.
Yesterday we had 15 day cycle low day,post which we are seeing rally meaning cycle is still active and has capture past 3 lows perfeactly. Going ahead we can see this rally to continue and for short term 32155 can act as important pivot support for bulls.As we also have morning star pattern formation on daily chart.
Focus should be to buy on dip's(around 33200-300) with a stop-loss of 32155 on the lower side and target can be 35500-35600.
Disclaimer:This are just my views posting for my future reference.No trades should be taken on its basis.
Trade closed: target reached