bijoy2526

BANK NIFTY if selling continues may slip to 28150-28050

NSE:BANKNIFTY   NIFTY BANK
if breaks T4 and today's low. Further down side expected.
Profit booking is taking place from over bought condition.
second wave of corona virus and weak global cues leading to sell off.
it does not look like expiry related selloff.
On close observance it seems to be well with in two lines of pitch fork.
now this rally is not over. It is only retracement not reversal of this bull run.
one more leg of upside expected after it is cooled of from over bought condition.
Arrow mark in the chart pointing to the area Bank nifty may fall if sell off continues.
tomorrow's movement crucial for detecting its trend

Comments

Sir. What about the expected upcoming movement after today trade. Please update ur chart in Twitter too alongwith tradingview
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sir what's your view on SBIN? bought at 248...should I hold it?
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bijoy2526 relievedGnu75683
@relievedGnu75683, is it in f&o?
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relievedGnu75683 relievedGnu75683
yes right
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bijoy2526 relievedGnu75683
@relievedGnu75683, it has touched 5 sma today. If closes below 5 sma exit. buy around 229. My call was on 16th Nov when its price was 229,it seems you entered late. From 229 it had reached price of 253...you entered little late.If bank nifty falls it may fall also.
+1 Reply
KuberPriya relievedGnu75683
@relievedGnu75683 according to me - it is bullish above 235, & sbin has already tested that level and bounced, 243 is a small resistance - if it breaks upwards you can easily get out at cost
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bijoy2526 KuberPriya
@KuberPriya, I had asked to close position if it closes below 5 sma today. but it did not.I am not bearish on sbi. but market will be volatile on coming days. market may not take out the
recent high so soon. it will but will take time. sbi has formed lower high and lower low . Braking out of today's high is essential for its breakout in the upside.
same is the case of bank nifty.
+1 Reply
KuberPriya bijoy2526
@bijoy2526, yes today's high is essential for upside movement, I agree 👍🏻
Reply
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