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BANKNIFTY - Trade setup - Fresh Long Entry Positional

Long
Nifty Bank Index (NSE:BANKNIFTY)  
msk_analysis  
NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis
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trendanalysis

BNF has been trading in a range of 2000pts channel since May-end It has been a while and multiple tries to break this channel has failed.

Presently, below 20 and 50 DMA and somewhere in the middle of the channel.

What possibly could be a safe trade from here?

A long entry when it tests 100 DMA that is quite closer to the lower range of channel. possible entry starting from 34100-200 range

SL - day close out of the channel

target - booking 50% in mid of channel and rest at the upper range of channel

Taking a short positional trade is not advisable even if breaks the channel downside. Its a bull market and taking a contra positional trade is never advisable


Happy Trading
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