Bank Nifty - Triangle 15 Mins Chart

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.

Comment:

1:20 pm / 2nd Sep 2022

Last @ 39486

If Index missed the buying zone 39000-39100. Have little patience & wait to buy close to that zone & check the plan-A

Comment:

1:25 pm / 2nd Sep 2022

Last @ 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.

Comment:

10:58 Hrs / 5th Sep 2022

Last @ 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