The Big Correction in Bank Nifty? Short at 52575 with 53100 SL
Updated
Time: 10:22 AM, 26th June 2024
Bank Nifty Current Market Price: 52,585
Stop Loss 53100
Targets: 47843, 44,897, 44,444 and 40135
We shared our view on Bank Nifty (BN) in yesterday's post. A few people asked us to share the complete wave count in BN in detail with trendlines.
Bank Nifty has completed its degree (2020-2024 wave). It has to go down for Degree 2, which can be a time-wise correction or a price-wise correction. There is a high chance of a time-wise correction, which might take a lot of time. Therefore, option selling with an edge is the safest option, or shorting futures with a call option hedge.
1. It has hit the Fibonacci levels we predicted a few days ago at 52,500 and made a high of 52,734.
2. The price has hit trendlines and given a fake breakout of a few previous trendlines.
3. Proper Selling Angle with few breakouts in weekly and monthly time frame.
Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions
Bank Nifty Current Market Price: 52,585
Stop Loss 53100
Targets: 47843, 44,897, 44,444 and 40135
We shared our view on Bank Nifty (BN) in yesterday's post. A few people asked us to share the complete wave count in BN in detail with trendlines.
Bank Nifty has completed its degree (2020-2024 wave). It has to go down for Degree 2, which can be a time-wise correction or a price-wise correction. There is a high chance of a time-wise correction, which might take a lot of time. Therefore, option selling with an edge is the safest option, or shorting futures with a call option hedge.
1. It has hit the Fibonacci levels we predicted a few days ago at 52,500 and made a high of 52,734.
2. The price has hit trendlines and given a fake breakout of a few previous trendlines.
3. Proper Selling Angle with few breakouts in weekly and monthly time frame.
Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions
Trade active
The short is already triggered.Note
Time: 11:40 AM, 26th June 2024Bank Nifty Current Market Price: 52,870
We can add more lot (future short or July month CE sell), stop loss is same 53100 in spot.
Note
Time 12:02 PM, 26th June 24CMP spot- 52930
Our First Short Entry was at 52,575 and averaged at 52,719, so the average is 52,647.
Stop loss remains the same at 53,100.
Trade closed: stop reached
Unfortunately, the spike triggered our stop loss and the price fell by 500 points. If anyone is still holding shorts, please hold with same stop loss at 53,100 and aim for the targets mentioned above.
Disclaimer
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