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
Trade active
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::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
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::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