Bank Nifty-Short Term (Double Top Resistance)- Sell Below 40545

From the last update- 40600 was the key level which halted the up move exactly & same level acted as resistance in opening session when index opened gap down.

It travelled upside to 40605 close to 40600 resistance & dropped sharply down to 40378 -which is our critical level for upcoming sessions.

Index has been choppy since the bottoms of 40280 & the waves looks corrective in nature. but we need price confirmation before taking any trades.


Trading strategy

Sell trade should be taken only if Index drops below 40545 - key level & we look for 40378 -critical level target downside & going below 40378 - our final target will be 40280 & 40000 (40K)


Targets ( Active once index drops below key level 40545 as mentioned in Trading Strategy)

40378
40280
40000


Stoploss
Once Index slips below 40545 & call activates - immediate high should be kept as stop loss which is currently 40685


Thank you for reading



Check the related idea below

Comment:

1:40 Hrs / 12th sep 2022

Last @ 40578

Index just holding above 40545 -key level & turned upside making recent low of 40557

Comment:

1:54 pm / 12th Sep 2022

Last 40573

Please be careful even dropping below 40545 - It should not move above ( not even staying below for 5-10 mins) if that is the case then it may even trap traders below 40545 else Index will attempt one more time upside levels.

Comment:

2:10 pm / 12th Sep 2022

Last @ 40635

Wow!!! Index holds the key level 40545 & bounces upside as expected in last comment above at 1:54 pm

Comment:

3:18 pm / 12th Sep 2022

Last @ 40574

Key level - 40545 was not breached & selling was suggested only below 40545 levels

Comment:

3:27 pm / 12th Sep 2022

Last @ 40558

European Markets are Positive & U.S Markets may open positive so our Index also may attempt upside once again before falling down

Trade closed manually:

12:37 Hrs / 13th Sep 2022

Index is struggling to even go upside as suggested in yesterday's comment. It could be last one above 40545 & we expect a fall next

Safe Traders Trigger to sell is below 40545 as shown in last chart.

Trigger to sell for risky traders is below 40700

Thank You