inteliigentrader

Trade setup for Banknifty(Educational)

NSE:BANKNIFTY   NIFTY BANK
Nifty is looking in a strong uptrend, but Banknifty is neutral as it still hasn't broken the 23000 barrier on a daily chart . For Banknifty to be bullish , it needs to break 23000 on a daily chart . This is my personal setup for Banknifty on Monday. Looking at domestic cues, the trial for vaccine has been allowed by AIIMS, which is a positive, but on the other hand, Indian COVID cases are rising exponentially. Another point is that HDFC Bank's results are out and they look positive, and as HDFC Bank is a heavy weight in Banknifty and Nifty , we can expect Banknifty to rally with HDFC Bank . Market has somewhat taken into consideration the result of HDFC Bank as it rose by 3% on Friday and profit booking can also be visible, like that on Britannia . Be cautious while taking trades. Targets as set according to how the market can react.
This is an educational post and all the opinions provided above and on charts are simply speculation. Nothing is 100% in market
Consult your financial advisor before taking trades
I do not recommend taking trades according to my analysis as you may incur loss, for which I am not responsible.
Trade carefully
Grateful🙏