Hi mates, friends and trading community so here i am sharing analysis for bank nifty on daily time frame with the help of some previous track measurements and by some trendlines too maybe chart looks a bit of complicated but i promise once you read the description with seeing the chart you will easily understand my prospect for this publication and after you will feel that idea is very simple and even new entrants can also understand in a very easy way.
So mates i observed on provided daily time frame chart that after making pervious top price moved up 5% and made new top which mentioned as all time high resistance but before making new all time high it went for a 9% correction and similarly it went for a 9% correction too after making all time high.
Let's start quickly about the trading idea and observations as we can see in today's session price gives a breakout of falling trendline resistance and heading towards all time high resistance which is nearly about 600 points from current price and not much away for a breakout for this benchmark index, So according to above observation if breakout (all time high resistance) will happen we can see five percent upside again according to the previous measurement which is nearly about 51000 to 51150 levels.
Added super trend indicator too for better confirmation of breakout provided by Trading view and for this again a big thanks to this wonderful platform, You guys also can use this indicator in your trading after studying about it.
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit (Do boost my publication if you really like it mates)
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
So mates i observed on provided daily time frame chart that after making pervious top price moved up 5% and made new top which mentioned as all time high resistance but before making new all time high it went for a 9% correction and similarly it went for a 9% correction too after making all time high.
Let's start quickly about the trading idea and observations as we can see in today's session price gives a breakout of falling trendline resistance and heading towards all time high resistance which is nearly about 600 points from current price and not much away for a breakout for this benchmark index, So according to above observation if breakout (all time high resistance) will happen we can see five percent upside again according to the previous measurement which is nearly about 51000 to 51150 levels.
Added super trend indicator too for better confirmation of breakout provided by Trading view and for this again a big thanks to this wonderful platform, You guys also can use this indicator in your trading after studying about it.
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit (Do boost my publication if you really like it mates)
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
Comment:
After a big selloff seems in Global indices our benchmark index in trading in good green this is showing that it is having bullish strength, Reserve bank of India did not changed Repo rate sixth time in a row today and i assume it could be helpful for coming breakout. Apart of this falling trendline breakout sustained very well so far and trading above yesterday's closing which is also a good sing for sustaining a breakout of falling trendline. Rest i will update idea accordingly if find something is important to share with all of you friends, Thanks for reading and supporting my idea.
Comment:
Hello friends and trading community, Price reached near to all time high resistance levels and did not able to break in very first attempt and get rejection exactly from marked trendline in idea seems some selling pressure over there and bears took an selling opportunity there too. On these type of resistance generally we see good force of selling for this i invented a term which i called Dual force where longs are unwinding due to hazardous resistance and fresh selling also arrive on certain resistance so often we see a dual force generation on spots like this. So let's wait for resistance break will update idea accordingly, Thanks for reading and supporting my publication mates.
Comment:
Resistance break update-: So mates updating this idea for mentioned resistance (all time high levels) breakout in idea description, So as we all know that today index given an gap up opening of 229 points and went to day high of 48960 too but after came down and gives a closing above resistance which is a all time high closing on daily time frame chart but by the red candle by chance although it closed with 148 up points from previous day close but due to red candle closing it is not giving a buy intact to me so i want to wait for one or two more session above resistance closures , Here the purpose of doing this update only to tell about the breaking the resistance and closing above on it, Rest i will update idea accordingly. Thanks for reading and supporting my publication friends.
Comment:
Hello mates and trading community, updating this idea as we know earlier was a failed breakout due to some geopolitical and after recovered from rising support trendline marked in idea and again after the resistance breakout approaching to a great psychological level of 50000 today made a day high of 49974 so far now i assume that this bullish continuation we can see measured target of 51000 levels very soon, Before we can see some profit takings too at certain levels