Bank Nifty - Triangle 15 Mins Chart
Updated
Bank Nifty Index has been doing sideways in the range 37959 (critical high) & 38800 (critical low). Looks like unfolding a triangle.
If you identify them then such patterns are amazing as traders get multiple opportunities between zone identified.
Trading Strategy ( Current Spot Price- 39305)
Plan A -
Buy close in 39000-39100 zone if Index halts above 38981 which should act as minor support. Avoid taking buy positions if fails to hold 38981
Target - 39650-39700
Plan B -
Selling close to critical high 39759 ( Avoid Selling If crosses above 39759 & moves higher above)
Target - 39150 / Below 39100 - 38800 / Below 38800 - 38350 / lower targets have to be reviewed later.
If you identify them then such patterns are amazing as traders get multiple opportunities between zone identified.
Trading Strategy ( Current Spot Price- 39305)
Plan A -
Buy close in 39000-39100 zone if Index halts above 38981 which should act as minor support. Avoid taking buy positions if fails to hold 38981
Target - 39650-39700
Plan B -
Selling close to critical high 39759 ( Avoid Selling If crosses above 39759 & moves higher above)
Target - 39150 / Below 39100 - 38800 / Below 38800 - 38350 / lower targets have to be reviewed later.
Note
1:20 pm / 2nd Sep 2022Last @ 39486
If Index missed the buying zone 39000-39100. Have little patience & wait to buy close to that zone & check the plan-A
Note
1:25 pm / 2nd Sep 2022Last @ 39457
If selling starts from current price & fails to stop between 39000-39100 that will suggest tops are already in place so you are decisions have to be dynamic looking at price structure.
Note
10:58 Hrs / 5th Sep 2022Last @ 39749
Get ready & be cautious at new highs which is slightly above 39759 - Plan B as mentioned in the trading strategy
Trade closed manually
Thank You
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
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Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
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