Bank Nifty for the last 10 days has been trading in a range, getting ready for a breakout/breakdown
If we combine the above facts and create a hypothesis based on the above - the possibility of an up move breaking out of a downward channel looks high. a breakdown below 35500 lvls will negate this hypothesis
Going Long with SL as 35500 and Target 37400 could be a decent trade setup. There is one trading holiday on Tuesday, so choose your instruments accordingly. For Monday option buying may be an option - but for Wednesday or overnight positions bull spread may work better
Happy Trading
- a multi-year trendline is in play in BNF and BNF took support more than 4 times and broke the trendline support once. Will it take support or break the support
- since 5th April it is trading in a downward channel
- US Fed interest rate decision is scheduled on 4th Night India time
- there is an unfilled GAP at 37400 levels
If we combine the above facts and create a hypothesis based on the above - the possibility of an up move breaking out of a downward channel looks high. a breakdown below 35500 lvls will negate this hypothesis
Going Long with SL as 35500 and Target 37400 could be a decent trade setup. There is one trading holiday on Tuesday, so choose your instruments accordingly. For Monday option buying may be an option - but for Wednesday or overnight positions bull spread may work better
Happy Trading