As, chart says banknifty have given breakout above 200DEMA where,
it has faced resistance 3 times earlier.
RSI above 60 indicating strength in breakout and confirms it's reliability.
Also, breakout from inverted head & shoulder pattern is visible.
Minimum target of this pattern comes to 36150 but it can move above this also.
I'll try to publish an elaborate idea on banknifty as it's PE stands on 17.71 below 1,3,5yrs average
and has strong buying interest at 15.54.
it has faced resistance 3 times earlier.
RSI above 60 indicating strength in breakout and confirms it's reliability.
Also, breakout from inverted head & shoulder pattern is visible.
Minimum target of this pattern comes to 36150 but it can move above this also.
I'll try to publish an elaborate idea on banknifty as it's PE stands on 17.71 below 1,3,5yrs average
and has strong buying interest at 15.54.
Comment:
target projected from depth of shoulder is achieved i.e. 36150 but it's advised to hold with trailing stop to capture the entire move.
Trade closed: target reached:
Enjoy 5% profits. The target of 38000 was achieved one can also use trailing stop to hold position.
