BANKNIFTY TRADE SETUP FOR THE WEEK
Updated
BANKNIFTY TRADE SETUP FOR THE WEEK
banknifty saw a crucial break above 20650 last week
after a very longtime we saw a close above "21150"
which will now act as a strong support on daily chart
banknifty next retracement level is never 22050 (38.2%)
when compared to nifty banknifty needs to catch up a lot
nifty is near its 61.8% retracement level
banknifty is looking good to break its major hurdle of 21600 now
on lower time-frame index is capturing its major hurdles
PREVIOUS POST
BANKNIFTY TRADE SCENARIO
index will open slightly negative today
which will be a great opportunity to buy
index like earlier explained should look to conquer 21600
once "21600" is conquered and market sustains above those levels
we are looking for a retest of 21800
and next target of 22250-22500
banknifty saw a crucial break above 20650 last week
after a very longtime we saw a close above "21150"
which will now act as a strong support on daily chart
banknifty next retracement level is never 22050 (38.2%)
when compared to nifty banknifty needs to catch up a lot
nifty is near its 61.8% retracement level
banknifty is looking good to break its major hurdle of 21600 now
on lower time-frame index is capturing its major hurdles
PREVIOUS POST
BANKNIFTY TRADE SCENARIO
index will open slightly negative today
which will be a great opportunity to buy
index like earlier explained should look to conquer 21600
once "21600" is conquered and market sustains above those levels
we are looking for a retest of 21800
and next target of 22250-22500
Note
we manage to hit 21800Note
any dips towards 21600 to 21500 is a buy opporunityTrade closed: target reached
1st target is achieved on the banknifty today we wait for more now
Trade active
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*future calls
*option trading (buying)
*index trading (options and futures)
*index update and oi analysis
t.me/tradersmojo
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