Nifty Bank IndexLong
#banknifty analysis for 3rd Sep:-
Updated
#banknifty analysis for 3rd Sep:-
Yesterday's sell-off was not followed up by another sell-off and dips were bought in, due to extreme bullishness the correction got over with a 500 point fall and the setup is perfect to breach ATH by next week.
SL for positional long :- 36,200 Target is ATF+500 min ( 38,000 to 38,200).
People did question last night's bearish analysis? The analysis was based on what was visible on the chart and the correction got over much before expected in the morning and status update for the ABC correction over and recommendation for long was posted at 11:45 AM both on trading-view and on social media. We traded long whole of 2nd half on 36,600 CE and went with 37K CE as BTST.
The price is dynamic and we need to react to the situation to adjust.
Regards,
SG.
Yesterday's sell-off was not followed up by another sell-off and dips were bought in, due to extreme bullishness the correction got over with a 500 point fall and the setup is perfect to breach ATH by next week.
SL for positional long :- 36,200 Target is ATF+500 min ( 38,000 to 38,200).
People did question last night's bearish analysis? The analysis was based on what was visible on the chart and the correction got over much before expected in the morning and status update for the ABC correction over and recommendation for long was posted at 11:45 AM both on trading-view and on social media. We traded long whole of 2nd half on 36,600 CE and went with 37K CE as BTST.
The price is dynamic and we need to react to the situation to adjust.
Regards,
SG.
Note
Higher TF analysis:-in.tradingview.com/chart/xTsTNPtT/
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