TraderRahulPal

Triangle Pattern breakout seen in lower time frame in banknifty

Long
NSE:BANKNIFTY   Nifty Bank Index
Good Morning Guy's.

Banknifty have formed a dogi kind of candlestick pattern on the daily time frame after the rangebound trade, as the closing was near opening levels, indicating the thug of war between sellers and buyers for the future trend, but anyway index has successfully given a closing above 46000 levels, which is a positive sign in near term, Today global market also looking good, Seems we can see some fireworks in banknifty for upside levels. Well strategy for now is same like earlier, Buy on Dips. Guy's if you see the levels in lower range some where around (45700-45850), then see those levels as an opportunity, and accumulate there. Well according to me, (45700-45850) levels gonna to be act as strong support zone in near term.
Today if market able to hold their breadth above 46000 till first half, then i feel, we can see banknifty towards 46250+ levels, even i am sure, may be we can cross all time high in banknifty which was (45369). Well let's see, we are gonna to act according to the levels and price action.
Most of the levels i already have marked on chart but still i am gonna to write here as a support.

Important levels for Bank nifty:-

Strong Support zone 45700-45850
Strong Resistance zone 46150-46350

Buy above 46019, if levels sustains at least for 15 mints.
Targets we can see in upside 46144/46369/44493+
Keep stop loss at 45857

Guy's as market is highly bullish don't try to sale and wait until you won't see proper breakdown of (45700) levels. Intraday selling moods works according to price action, with strict stop loss.

Note:
- Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction.

Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.

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Thankyou

Best Regards,
Rahul Pal
(Full Time Trader & Investor)

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