BANKNIFTY TRADE SETUP FOR THE WEEK

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

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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

Comment:

we manage to hit 21800

Comment:

any dips towards 21600 to 21500 is a buy opporunity

Trade closed: target reached:

1st target is achieved on the banknifty today we wait for more
now

Trade active