Last Few Days! Mumbai passed through tough weather conditions. Hoping for better time.
"We" - individuals & "They"- markets
Key level - 26225 & Critical level - 25980
Double Top-27165 was tested today & holded - The move which started just above critical level 25980 - Have mentioned in last 2 updates that we could soon start the bull race. I am excited that we got 1000 - 1100 points move just above the critical level 25980 & all our targets got achieved from the update - "BJP calls for Alliance"
Previous Update - Can Bull Race Start above 26225 - Critical level - 25980- Update closed
The key points which gave trading opportunity in between
26480 levels - minor resistance - got 2 selling opportunities from that level which was identified in previous updates
What Next? - Trading Strategy
Plan 1 - Do I need to tell you what to do if double top@27165 breaks - Extreme Scenario ( Keep in mind 25980 is the critical level- that level if broken in future can be warning bell for bulls)
Plan 2 - Selling in the zone 27125 -27150 with strict stops above 27165 - as plan 1 activates. If 27165 is protected on upside then downside targets for few days could be
Target 1 -26900
Target 2 -26775
Would love to know your comments if earlier updates helped you & you participated in the initial run from the bottoms.
What a fall from 27164 - Awesome!!!
Book Partial Profits of 30-40 points & Take Next Sell only if BN sustains below 27100 mark else avoid selling for next session.
Last Price@27026- Day closed
This is how we moved slowly & steadily downside along with India Nifty from day high.
We book our partial target between 26950-26975 - Recent Day Low is 26930
Bank Nifty holded 26930 & made 2nd attempt exactly at same level so we booked our partial profits in sell call as suggested above.
Next, Holding 26930 we can see bank nifty pushing upside to 27050-27075 zone & we plan any further selling only below 26930 levels for targets mentioned in the main post above.
Safe Traders may enter short term buy call once it crosses 26985 & Risky Traders if they can afford to lose 30-40 points with strict stops below 26930 -they can buy in 26950-26975 zone
3 Back to Back Attempts at 26930 levels - Isn't that awesome - "Darr Ke Aage Jeet Hai" - Remember Mountain Dew tag line.
How strong that level is 26930's - We hardly losing any thing even if 26930 level gets broken as our entry was very close to 26930's.
Jumped from 26930 as expected - Kindly trail your stops below 26950 as going below 26950 & later 26930 will put bank nifty in pressure.
We picked both top & bottom - 27165 (selling from tops) & 26930 (Buying at Bottoms)
Kindly manage your risk. Happy Trading to all.