Short Bank Nifty at 19264 ( CMP ) with sl at 19360 for target 18500 in the next 7 trading days.
Very good risk to reward on this trade. Please use sl.
Trail SL to cost. Enjoy profits here on.
250 Points collected as of now. Hold for target 18500.
Friday traditionally is a dual trend day. With all the selling pressure still seems like Bn and nifty havent really cracked. This is a good sign. It means that we can have quite the crack and correction in the second half of the day.
Trail Sl to 18850 in futures for bank nifty. That way even if trailing sl is hit we will capture atleast 500 points. As mention in the previous comment Bank Nifty did break down in the noon session of friday.
@vanathi, Respected Madam, Ever since i put up the post BN has reversed and started a downmove. What i look for as reversal signs might be different from yours. Looking forward to your continued readership and guidance on this post. Please feel free to point out what you look at as a good reversal sign. I am here to learn like everyone else. :)
@vanathi, The following are the few reasons i think the top has been formed today. 1) Demark 9 count sell setup completed today at or near tdst resistance. 2) failure to cross 19300 which is a major resistance zone for Bn. 3) Option Chain reading with solid build up of calls at higher strikes in BN. 4 ) and most important of the lot the chart with support and resistances that i have posted above.
@vanathi, Though there is a popular belief that it works in multiple time frames in my experience it works best on intraday ( daily ) candles best. In hourly and other lower TF candles there are many false signals.