TradingView
ChartMantra
Jan 4, 2022 2:47 PM

BankNifty Intraday view for 05-01-2021 

Nifty Bank IndexNSE

Description

Good evening all,

Today: Again a good run on top making us achieve 1 target intraday and 3rd target on the weekly chart.

Tomorrow: Again, the market is at a critical reversal point but RSI has some headroom above. If the market reverses from here, we look at 2 important aspects, RSI breaking down on 60 and index below 36260. Below that, we again may even see a drop up to 36000 and lower.
For it to sustain the long run, we wait for 37160 to be breached for a potential target of 37500. Between 37150 and 36250.... take a nap or make a short straddle.

So;
Long side view:
Buy above 37160
Target 1 zone 37500 - 37580
TSL above this
Target 2 zone 37890 - 38000
(Long SL - 36860)
---------------
Short side view:
Sell below 36260
Target 1 zone 36000 - 35875
TSL below this
Target 2 zone 35560 - 35480
(Short SL - 36515)

*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., hit like, follow me, and do spread the word.

Trade closed: target reached

Long Target 1 achieved
Comments
ChartMantra
if you have entered, book some profit at 37400
ChartMantra
be careful when you enter.... Today is premium adjustment day and if there isn't a momentum, theta will kill you
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