Bank Nifty : +500 to +900 Points Upside Potential

14 Nov 2022 2113hrs

Bank Nifty Trading above the Previous ATH of 41840, now (14 Nov 2022, 21:00hrs) we can with a HH in price which is not supported by volume. We can clearly see a decline in volume and HH in price.

Summary :
Price and Volume – Divergence
VP – POC around 41300 level
Most Likely Bank Nifty is in an Ending Diagonal formation
Ending Diagonal - Last wave(Volume Favours)

Conclusion :
What Not to DO - Short Selling Index at this level is not at all a good idea(CMP 42072). A clean HH
What we can Expect – A rising Trendline(green bold line)from 40800 & 41200 levels, can be used as good support levels for the higher target of 42542 & 42976
Long for potential 500 to 900 points

Wish You Happy & safe trading

Views are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.

"Always Respect Risk"

Happy Trading
Jai Hind Jai Bharat

Comment:

16 Nov 2022 10:47hrs
Target 1 of 42542 Achieved, +500 points done: Day High at 10:47hrs 42553...

Comment:

23 Nov 2022 08:00hrs
Bank Nifty is hovering at our Target 1 of 42542 for last 4 days prior to monthly expiry which is on 24 Nov 2022...CMP 42475 expecting a BO from 42622 level(ATH) and push towards our Target 2 which was placed originally +900 of 42976...time to tighten TSL as we can see a sharp reaction down from Target 2....

Trade closed: target reached:

24 Nov 2022 09:58hrs
Bank Nifty second Target which was placed +900 pts 42976 target been kissed by making High of 42963.15....CMP 42942(All levels mentioned are Spot Price)...Jai Hind Jai Bharat