AbhishekHSinghCMT

Bank Nifty- Heading Upside for 19600 post retracement

Long
AbhishekHSinghCMT Updated   
NSE:BANKNIFTY   NIFTY BANK
13
Likely BN has started its rally from 18824 lows & has an impulsive look- In today's session, let us get some retracement in the zone 19300-19350 where it should not overlap 19240 which is laxman rekha for me-otherwise I will have to do analysis again.

Trading Strategy
Let us look for retracement of 38.2 % to 50% of the rally from 19000's lows to 19512 which comes to the zone 19300-19325-marks 38.2% retracement or 50% zone, which comes to 19250-19270 but should not overlap 19240- if this happens then BN will shoot upside for 19600 zones.

This retracement will be a good buying opportunity for further longs else I will have to come back again.

Regards,
Abhishek H. Singh, CMT
Trade active: 13:00 Hrs 19th Oct2016

Last Low@19371

As expected retracement in the zone 19300-19325 we are just close by. Likely expecting that zone to hold.
Trade active: 13:41Hrs 19th Oct2016

Trading@19390
Latest Low@19322
Vow as expected it kissed the zone- Bang on Target

Trade active: 13:56 Hrs 19th Oct2016

Trading@19415

It's the first leg up- Likely it will retrace some bit before resuming uptrend.
Trade active: 13:58 Hrs 19th Oct2016

Likely low@19322 shall be holding for target zone 19600

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

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