Bank Nifty Analysis

In this idea I would try to discuss a few possible trading scenarios in Bank Nifty.

⚡Bank Nifty build a range of approx. 1000 pts from 43400 to 44500 and then broke out of it sharply. The move from A to B was quite swift and may have more legs on the upside.

⚡The current move from 45650 to 44650 looks like a pullback. It may still try to pullback further and retest the breakout level.

🚀So, if the price pulls up from here to the downtrend channel or 45150, one may look for a selling opportunity on the lower timeframes for targets of 44650 or so.

🚀If price doesn’t pull up so deep and rather drops down to 44500 from here, one may look for buying opportunities in there for continuation up to 45650

🚀The third scenario is that the price breaks up above 45150 from here. In that case, one may look for breakout opportunities for targeting 45650 or higher.

Thanks for reading.
Do 🚀 boost for more such ideas in future.

Regards.

Comment:

Nifty is showing strength compared to Bank Nifty. If Nifty sustains the breakout above 19523 and resumes higher then there are chances that Bank nifty may follow. It not unusual that both the indices follow each other. Keep an eye on the levels mentioned in the idea to confirm a directional change.

Comment:

Definitely some slow down near support. A higher high may confirm the continuation of the uptrend. Its good to be patient.

Comment:

Patience paid and finally it did what we anticipated. Resuming up for more swing highs.