Bank Nifty Technical Analysis - Ascending Triangle (15min)

Aug 8, 2023

**Bank Nifty Technical Analysis - Ascending Triangle and Breakout Watch (15-Min Chart)**

**Observations:**

1. **Weak Buying Signs:**
- The 15-minute chart of Bank Nifty reveals signs of weak buying pressure.

2. **Ascending Triangle Formation:**
- An ascending triangle pattern is forming on the chart.
- This pattern implies potential consolidation with higher lows and a flat resistance level.

3. **Breakout Alert:**
- An imminent breakout is anticipated, with the potential for a breakout in either direction.
- Traders should closely monitor the price levels for an impending move.

4. **Entry Strategy:**
- If a breakout occurs, wait for a retest of the breakout level.
- Confirmation can be sought through a bullish (for long) or bearish (for short) candle accompanied by increased trading volume.

5. **Risk Management:**
- Implement strict stop-loss orders to manage potential losses efficiently.

**Disclaimer:**

*This analysis is provided for educational purposes only and should not be considered as financial advice. The author assumes no responsibility for any losses that may arise from acting upon this analysis. Traders and investors are advised to conduct their research, evaluate risk tolerance, and seek guidance from financial professionals before making any trading decisions.*

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Keep in mind that trading involves inherent risks, and no analysis or strategy guarantees profits. Always exercise caution, perform your research, and consider your personal financial circumstances before making any investment decisions.

Aug 9, 2023

Trade active

Levels were broken in the morning session moved 400 points downwards