Query : Sorry to bother you , but i had a query as i bought the banknifty 6th JUL 23300 PE @30 excpeting to move upwards, but now its trading at 4.85 .so i just wantedto understand , if there is a high possibility for the banknifty to start going down to 23300 level tomorrow ? could you please help me understand this.? Answer : I dont know options. But I can write my analysis about banknifty's tomorrow movement (6th july)As per my last post banknifty hit 2 targets upside forming an ascending triangle. Buy above 23380 with the stoploss of 23345. Targets are 23450, 23530 and 23600. On failing to sustain above 23380, banknifty will move towards 23330, 23270 and 23240.
Trade active
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1st target done!
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2nd target done!
Trade closed: target reached
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Comments
Akshay15
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Just as a caution that banknifty's move near 24000 should be used to book profit as it is long term resistance for it, plus banknifty price to earning ratio is at all time high. Every rally would be sold by smart people in my opinion. I would publish my charts on it.
vanathi
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@Akshay15, Ok. Thanks for sharing the information.
Konvict
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@Akshay15, u r right bro ... The rally has done from 7900 to 9700 I guess... the new cycle gonna start from Saturday (full moon day).. trend change may happen... If not continuation of trend may take big move . I am on bear side. If price and time analysis matches vth the new cycle and dates, market vl take u turn
@Akshay15, time period for moon to revolve around the earth is 29 days. 14 days comes as one cycle... full moon to half moon and half moon to full moon.
akhilms
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BANK NIFTY 24000CE (JULY EXPIRY) needs to sustain 72-82 range buy signal for tgts 110/135/180, SL @ 45