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

AbhishekHSinghCMT Updated   
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)


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

1:40 Hrs / 12th sep 2022

Last @ 40578

Index just holding above 40545 -key level & turned upside making recent low of 40557
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.
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
3:18 pm / 12th Sep 2022

Last @ 40574

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

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

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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