WaveTalks

Bank Nifty - Bearish Bat Harmonic Pattern

Short
WaveTalks Updated   
NSE:BANKNIFTY   NIFTY Bank Index
Bearish Bat Harmonic Pattern at the tops of 38231. Sell Triggers below 37941

Trading Strategy
Traders have to sell once it triggers below 37941 with recent high as stop loss later.

Targets
1st Target - 37655
2nd Target - 37522
3rd Target - 37249

Thank You.
Comment:
11:10 Hrs / 8th Aug 2021

Last @ 38088

Index missed our first target of 37655 downside by small margin & made recent low of 37681. Later, bounced sharply upside & crossed 38150

The upper edge of the resistance is 38125-38150.

If Index again drops below 38125 - 38150 zone which is supply zone / once again bears will make an attempt

This time it has to drop below 38000 / 37900 -Once it drops below both these levels, Index can retest 37681 opening lows.

We get a double tops at 38150 levels
Comment:
19:43 Hrs / 9th Aug 2022

Closed @ 38237

9th Aug 2022 - Trading Plan:

Short term traders as soon as It falls below 38150- 38160 zone, one can look for 38025 / break below 38000 look for 37700. Will review once market starts the action tomorrow. Thank you

Best Regards,
Abhishek H. Singh
​Growth Director - TradingView India

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