BANKNIFTY POSSIBLE FLAG PATTERN BREAKOUT ON THE CARDS

Aug 30, 2022

SUMMARY
-the index is giving a very bullish signal on daily chart
-a possible bullish flag breakout
-after the bloodbath on wall street indian markets have recovered nicely
-if pattern breaks one can initiate a positional trade on banknifty index
-the view is till diwali so planning is important
-ideal scenario is to go long in banknifty above 39500

some of the banking stocks forming the pattern
SBIN WEEKLY CHART

ICICI BANK DAILY CHART

PVT BANK INDEX


we also have a double bottom pattern in 2-hr chart
breakout above 39500

FEW THINGS TO NOTE
*target and stop will be adjusted after the swing breakout
*for more updates check the link in the signature box below
*find regular updates for market in the channel

Sep 1, 2022

Trade active

::update::
LAST TIME WE SAW BANKNIFTY BREAK OUT OF THE PATTERN
TODAY IS EXPIRY
OUR VIEW IS CLEAR
SINCE TRADE IS ACTIVE FOR DIWALI
BANKNIFTY FUT
BUY@39200-39300 ZONE (IF NOT BOUGHT ON TUESDAY)
STOP@37800
TARGET@41500-42700-43500

Sep 1, 2022

Note

::UPDATE::
THIS IS PSU BANK SECTOR INDEX WEEKLY BREAKOUT
BANKNIFTY IS OUR PURE PLAY
SAY HI TO TWITTER FINTWIT ANALYST WHO MANAGED TO PLAY WITH YOUR SENTIMENT