AbhishekHSinghCMT

Bank Nifty- Wedge Power - Trading at the bottom@20560 to 20825

Long
NSE:BANKNIFTY   NIFTY BANK
10
Visualized a wedge in yesterday's session when Bank Nifty was trading in 20600-20675 zone & alerted that 20550-20560 is what we book profits if taken sell above 20600 in previous updates & profit zone 20825-20850 which was well planned & executed today.

Risk Takers were suggested to take long positions in the zone 20550-20560 for targets 20825-20850 -having 1:25 risk -reward ratio.

Intraday Traders booked 125-150 points from 20680-20700 to 20825-20850 in today's session as confirmed move above 20650 suggested yesterday.

It retraced current fall 21012 to 20560 exactly 61.8% where we booked profits.

What Next?

It could be a part of the correction from highs 21042 or a new one to start downside from 21012 highs.

As I always say- I am never in a hurry to trade unless market commits to me -I don't commit to market.

Trading Scenarios

Scenario-1
If BN falls close to opening gap zone- 20641-20680 & holding above gapzone & bouncing above 20800 moves for Intraday target above 20900+ for safe traders & risk traders can take stops below 20600 for buying in the gap zone if it holds

Scenario-2
Going below 20560- yesterday's swing low -in that case -can expect deep downside- targets shall come up once it confirms.

Scenario-3
Going above 20833 - Current day's high can take BN to 20900+ as stated in scenario-1








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

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