Bank Nifty is on the lower band of a channel on 30 min. charts.
Bank Nifty closed at lower band of a channel on 30 mins charts. (27-09-19).
It is indeed at a make or break level, traders can hold longs or create fresh longs (29950 and above) if it is seen moving up from these levels keeping a stop loss at 29710 or 29626 depending on your risk profile.
Do not take any short positions as long as 28480 is protected.
Other indicators are as indecisive as the index itself, 30 min. or one hour charts are indicating neutral market which can move in either direction.
All one can say looking at charts is, even if the market does not go down much, the consolidation will take a some more time before it can digest the massive 5-7% rally that we saw in past few sessions.
Beyond the charts, the markets behaved a little weird today, there was quite a bit of selling at every rise. Not sure if if was short position built up or long unwinding. Despite so many shorts still in the system, such volatility was not very comfortable to say the least.
My humble advise, it is so important to follow the stop losses for all leveraged long positions, global conditions are not very favorable for risk assets, caution is necessary.
It is indeed at a make or break level, traders can hold longs or create fresh longs (29950 and above) if it is seen moving up from these levels keeping a stop loss at 29710 or 29626 depending on your risk profile.
Do not take any short positions as long as 28480 is protected.
Other indicators are as indecisive as the index itself, 30 min. or one hour charts are indicating neutral market which can move in either direction.
All one can say looking at charts is, even if the market does not go down much, the consolidation will take a some more time before it can digest the massive 5-7% rally that we saw in past few sessions.
Beyond the charts, the markets behaved a little weird today, there was quite a bit of selling at every rise. Not sure if if was short position built up or long unwinding. Despite so many shorts still in the system, such volatility was not very comfortable to say the least.
My humble advise, it is so important to follow the stop losses for all leveraged long positions, global conditions are not very favorable for risk assets, caution is necessary.