BANKNIFTY looks like it's going to reverse Long

Nifty Bank IndexNSE

Description

⋅ Jan 27, 2021 11:40 AM

1. PCR ratio <0.6.
2. FII buying.
3. Strong Trendline Support.
4. Lower Bollinger Band support.

Short Term:
Target 1: 30500
Target 2: 30750
Target 3: 31250
Not expecting movement above 31250 tomorrow.

As it is expiry, short covering might occur so be careful when taking short positions.

Note: Post only for education purposes.

Rest Market Will Tell!

Trade closed: target reached

⋅ Jan 29, 2021 10:14 AM

All targets achieved.

Trend Analysis Technical Indicators

Comments

arjunkwork

⋅ Jan 27, 2021 10:32 PM

Divergence in 30 Min and 1 Hour chart

SaintLazarus

⋅ Jan 27, 2021 4:40 PM

A small correction, IN POINT 2, FIIs are buying is said in the longer period of time. In the daily time frame however FIIs have started selling from Friday and has been selling moderately to the retail clients. Since, tomorrow is the expiry short covering rally might be there and a range bound day could be expected with a positive bias. Dollar Index rising is an issue. Keep a look at the dollar index.

yashraaj221

⋅ Jan 27, 2021 12:51 PM

Good logic

SaintLazarus

⋅ Jan 27, 2021 1:31 PM

@yashraaj221 Thanks