Banknifty Breakout Target 55555
Hello friends, today I am sharing an idea with you all which can work as an additional perspective for traders who are already in long positions in Banknifty and as a trading idea for me so let's quickly talk about it below.
So as you can see that in the last working session price broke the old all-time high horizontal resistance and gave a new all-time high close on the daily chart above it so we can consider it as a breakout and also since the last session was on Friday so it was the highest weekly close as well. So as we can see the price is showing bullish momentum and its heavyweight constituent HDFC Bank is also showing bullish momentum so we can assume that if the bullish momentum continues then from here we can see the price touching the channel resistance trendline which will be around 55500 and we can consider this price as our target for this publication.
So as I have written at the top that those who are already long can track this idea as an additional option, however this is not a trading advice and if i talk about my trading idea then i will wait for the breakout retest to make an entry from here which minimize my risk too and will update accordingly. For now the resistance zone should act as a good support on closing basis.
This Publication is for only learning purpose, please don't consider this as a trading advice.
Best Regards- Amit
So as you can see that in the last working session price broke the old all-time high horizontal resistance and gave a new all-time high close on the daily chart above it so we can consider it as a breakout and also since the last session was on Friday so it was the highest weekly close as well. So as we can see the price is showing bullish momentum and its heavyweight constituent HDFC Bank is also showing bullish momentum so we can assume that if the bullish momentum continues then from here we can see the price touching the channel resistance trendline which will be around 55500 and we can consider this price as our target for this publication.
So as I have written at the top that those who are already long can track this idea as an additional option, however this is not a trading advice and if i talk about my trading idea then i will wait for the breakout retest to make an entry from here which minimize my risk too and will update accordingly. For now the resistance zone should act as a good support on closing basis.
This Publication is for only learning purpose, please don't consider this as a trading advice.
Best Regards- Amit
Note
Hi friends so now i am updating this publication as per description i wrote above that i am not going long directly from here and i will wait for a breakout retest so today price reached in resistance zone after a massive fall so now from here i will wait for a bounce if occur for a fresh long entry and that i will update accordingly. I had a firm conviction that price will surely come to retest it's breakout and that is the reason i was able to avoid straight entry that time and did not get any Fomo after seeing too when price reached 54467 on 26Th September from 53800 published price.
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