BANKNIFTY also breaks out - LONG for the Short term
BankNifty has also broken out of a long term range above 36000. Sustaining above this will open up levels of 36450, 37000 and 37650 on the upside, which can get covered quite fast. Since Nifty has already scaled new Lifetime highs, BankNifty can follow suit in coming weeks if bullishness continues. For now we can take positional long for the short term, with a Stop Loss of closing below 35600, below which BankNifty can make some more consolidation moves.
** Important Note - This post is my own study of the mentioned scrip and the views are given with reservation that they may prove to be wrong. I am not a SEBI registered analyst. Please consult your investment advisor before making financial investments.
** Important Note - This post is my own study of the mentioned scrip and the views are given with reservation that they may prove to be wrong. I am not a SEBI registered analyst. Please consult your investment advisor before making financial investments.
Trade active
Trade closed: stop reached:
BankNifty struggled to make any movement as Nifty was making highs and struggled to end expiry slightly below SL. Trade closed, with SL hit end of day.