Brother's have similar characteristics, rarely they move in opposite direction depending on personal situations. Yes, Nifty & BankNifty only, as of now by looking at 15 min chart with ABCD completion & channeling, Banknifty is similar to previous post on its big brother Nifty.
Though ABCD pattern completed earlier, Targets are not achieved yet & its ranging within channel. A little more swing on 15 mins can form a triangle if it happens in the marked range. Note, the triangle is drawn on imaginary purpose, its not triangle yet but the channel is valid. I don't prefer to call it as Flag. So aim for the breakout, I have no idea upside or downside checking at 15 mins, we may have a better view when I check on 4 hr. But anyside breakout is fine, just go in with proper stops. BankNifty will look to fill the gap around 19000's but will it happen on this channel's breakout, is the Question before us ! When the breakout happens go with proper stops & trial it, bcos we are aiming at 400 points on 15 mins which is little big & it won't happen in a day or with straight fall down ( pullbacks will happen).
Now, coming to upside scenario, just one thing if 19500's crossed and we get valid close, there is no stopping till 19800's another 400 points. It all depends on channel breakout only but take care of false breakouts.
I will post that 4 hr view in comment section.
One more thing guys, I won't be availabe at trading desk 2mrw ( not trading next 2 days), so I will be using via mobile only ( Thursday & Friday). Private Message's will be difficult to reply in mobile, But I will reply all your queries in comment section - as & when I'm on :)
Though ABCD pattern completed earlier, Targets are not achieved yet & its ranging within channel. A little more swing on 15 mins can form a triangle if it happens in the marked range. Note, the triangle is drawn on imaginary purpose, its not triangle yet but the channel is valid. I don't prefer to call it as Flag. So aim for the breakout, I have no idea upside or downside checking at 15 mins, we may have a better view when I check on 4 hr. But anyside breakout is fine, just go in with proper stops. BankNifty will look to fill the gap around 19000's but will it happen on this channel's breakout, is the Question before us ! When the breakout happens go with proper stops & trial it, bcos we are aiming at 400 points on 15 mins which is little big & it won't happen in a day or with straight fall down ( pullbacks will happen).
Now, coming to upside scenario, just one thing if 19500's crossed and we get valid close, there is no stopping till 19800's another 400 points. It all depends on channel breakout only but take care of false breakouts.
I will post that 4 hr view in comment section.
One more thing guys, I won't be availabe at trading desk 2mrw ( not trading next 2 days), so I will be using via mobile only ( Thursday & Friday). Private Message's will be difficult to reply in mobile, But I will reply all your queries in comment section - as & when I'm on :)
Comment:
Guys, I'm not using My trading PC, so if font size varies, Adjust for few days or let me know whether I need to reduce or increase :)
