I was failed on HH level (Price rejection area) because i feel didn't made new high with respect of previous high, but i forgot previous trend line Higher low then bank nifty hit new high that time keep as per risk rewards ratio and by luck bank nifty hit target 23477-577, booked 1 lot profit at 23530, 1 lot carry on (short 23770). Bank nifty still in up above 23311, once breakdown it will convert into down trend in short term.
Trade closed manually
⋅
Take profit at 23575-620, which is 1 lot bank nifty short @ 23770.
Comment
⋅
Above 23311 buy trend and alert for book profit at HH.
Comment
⋅
i will try to exit 23650-750-850 with partially then wait and watch till new high if possible instead rejected area will short.
Comment
⋅
Exit all buy position.
If Pre Market is positive or negative will try to exit. Got again short divergence. May be deep correct approx 500-800 points, will take support 22500-22200
Comments
tushar4kk
⋅
What if RBI reduces the interest rate?
estockmarket
⋅
@tushar4kk, I am not trading on the basis of sentiments because it is uneasy to track & predict it. But i am trying to understand the situation and impact with the help of technical charts. Currently Bank nifty neutral side till 23311-23400. Which one hit first it will give me a fresh direction. Still bank nifty have 1000-1500 points up move without breaking Higher lower (23311).
Once hit Higher low then it will a sign of down trend then made first lower low and again touch same level (Lower high which is approximate equal to Higher high)
@tushar4kk, Few indicators has been showing divergence, on this level limited qty limited target with strict stop loss.
sudhakar.bng93
⋅
@viks.gupta9894, So does that mean short banknifty or buy puts for limited quantity aiming limited target with strict stoploss?
estockmarket
⋅
@sudhakar.bng93, I think time has been gone for buy put, but you can watch these levels 23620-23535-23492-23311 then decide.
Down side bank nifty have choppy levels 23000-23111, if gap down happens, you will make handsome profit instead isn't worth weekly expiry bank nifty call put.
Better way wait and watch for right time entry for call or put with risk reward ratio Stop loss (It's your choice buy or sell). I will exit partial 1 lot bank nifty between 23535-23492-23311 if above 23575.