RajendraNayak

BankNIfty Trade Plan for 18 November

Long
NSE:BANKNIFTY1!   BANKNIFTY INDEX FUTURES
As per trade plan for 17th nov, BN closed at 29208 level giving clear upside breakout. One should hold positional long as per trade plan. HDFC bank already gave upside breakout and trading at ATH . So clear support from HDFCBank is there to BN rally. If ICICI bank joins the party, again 1000+ point rally can be expected. Below are trading plans for 18th November.

1. 28880 should act as a good support now. Any move towards 28880/29050 should be a good buy opportunity with SL of 28800 for target of 29480/29980/Open Target. This is positional target. Intraday players can trade accordingly.

2. If Market struggles to hold 28800 , Go short with SL of 28900 for visit of 28700/28420/ vwap level.

3. Go short only if 27840 breaks and sustains with SL of 28050 for target of 27550/27350.

As I always follow underlying charts of BN for my reference, HDFC Bank is in clear uptrend and ICICI bank is about to give breakout on the upside. So downside is very limited in BN . Follow the plan.

If you guys like the idea, please give a Thumbs up to motivate me. Also Please share your thoughts in comments as well.
Comment: As expected, Market is at day high. Hopefully anyone followed plan should have hold positional long from yesterday. Even morning itself, market gave another chance to go long at 29050. Trade Plan 1 worked well. Always follow the trend. Attaching 5 min chart for reference.

Comments

great sir
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Excellent analysis
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