TradingView
NaveenGr
Nov 16, 2021 4:40 PM

BankNifty Long term analysis, Yearly Trend line, Target 41000. Long

NSE:BANKNIFTY1D
Nifty Bank IndexNSE

Description

⋅

Bank nifty has been following this up trend line since 22-05-2020.

1. Total 7 test, current test if 7th one.

2. Out of past 6 times it sustained below trend line only 1 time and that too reversed in some time.

3. Out of past 6 times 5 times it didnt sustain below the trend line and made new high later.

4. Our expectation is of same pattern to continue, that is this trend line holds and we make a new high subsequently without breaking current low.


Trade Setup -

1. Buy - Above 38730, stop 38200, Target - 40000, 41800.
Trend AnalysisChart PatternsBANKNIFTYbankniftytrendbankniftytradesetupbankniftyanalysis
Comments
ajaykale257c4608b32f44cc
⋅
pls check one more time My first target 36500
NaveenGr
⋅
@ajaykale257c4608b32f44cc, my trade will trigger above 38750 only. And yes I may be wrong and you may be correct, that's part of trading.
akd2020
⋅
from 38300 to 38750.. Why strong resistance at 38500.it tried to break atleast 5-6 times but couldn't sustain..
Which stocks will/can work?
NaveenGr
⋅
@akd2020, I call levels like 39000, 38000 as ' Big Round numbers'. levels like 38500, 38600, 38700 as round numbers. These are the levels that get attention easily. Attention means - when people want to create position or have stop they do it naturally around these levels, so increased order flow around these levels. 38000, 39000, 40000 have highest priority, then 38500, 37500, 36500.. then levels like 38400, 38600.
Stocks im looking at - HDFC if sustains above 3000, Dmart above 5100, Banknifty short if sustains below 38200.
More