NeelamN

BankNifty View 4 Aug 2021

Long
NSE:BANKNIFTY   NIFTY BANK
Bank Nifty gave a breakout supporting Nifty to cross 16000 mark and above
As discussed yesterday, flag breakout above 35000 yielded faster gains.
New Support is at 35000 now where the breakout happened today
& Resistance @ 35200 (today's high)
Now, Looking at the vertical (pole like) movement in price, my expectation is that price must halt for a while (take rest making a flag/retracement).
If this happens again, we may expect faster and better returns in flag breakout condition.
So, wait for retracement and in second half look for reversal signs in price action from the retracement (buy the dip) Or may buy after breakout also.
Very Bullish View :- If it breaks 35350 which was the gap resistance level , then gap filling is also possible as Bank Nifty will then breakout of Double bottom's high & also, it is yet not at all time high level whereas Nifty is.
( ;) ;) ;) It's Bank Nifty , filled with loads of surprises. )

Contra - plan : Marked an inclined trend line (yellow), if it breaks 35000 level, then selling may come.
Trade closed: target reached: All Targets done and how !!! Yeahhhh!!! Super Hit day today !

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