PowerTrades
Short

BANKNIFTY Contrarian Short Idea

NSE:BANKNIFTY   NIFTY BANK
NSE:BANKNIFTY
Yesterday BANKNIFTY closed around the 50% retracment levels. yesterday's top can be a good SL for a short idea. This will be a good test to see if the levels hold.
A breakout above that can re initiate the bull run. downside trade target remains at 25250 , 25100 and lower.
Comment: Moved too quick, booked most of the futures short here at 25180-200 levels retracment for the spot. will look to re initiate in pull backs
Comment: Potential re entry points in futures levels are 25280, 24320.
or on downside break below 25180 as per futures.
beyond a point covered options trades are a better idea
Trade closed: target reached: Yesterday market gave a pullback opportunity near 25270 highs, could re enter below 25240 and lower.
targets done closing the trade now. too many news based upcoming events. Can be good for some short term ideas for now

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out