on 3rd November, BankNifty finally broke 24900 and sustained above it giving a real breakout on upside. Unlike last time upside move, This time it looks like sustainable breakout supported by ICICI bank and HDFC Bank. Remember both HDFC bank and ICICI bank combined is more than 60% weightage in BN. Below are the trading plans for 04 November.
1. As long as 24900 holds, any dips towards 25444 is buy on BankNifty. Positional target can be 26350/26700/27800.
2. Look for ICICI bank and HDFC bank charts. ICICI bank gave massive breakout on 3rd November and HDFC bank is about to give breakout. If any of this two give failed breakout, be cautious on longs. Longs safe as long as 24900 holds in BankNifty.
3. If trades below 24750 and sustains, go short with SL of 24900 for target of 24550/24425. Again look into ICICI bank and HDFC bank chart for more clarity.
4th November is US election day and extreme volatile conditions can be expected. Go with less exposure or play according to level.
1. As long as 24900 holds, any dips towards 25444 is buy on BankNifty. Positional target can be 26350/26700/27800.
2. Look for ICICI bank and HDFC bank charts. ICICI bank gave massive breakout on 3rd November and HDFC bank is about to give breakout. If any of this two give failed breakout, be cautious on longs. Longs safe as long as 24900 holds in BankNifty.
3. If trades below 24750 and sustains, go short with SL of 24900 for target of 24550/24425. Again look into ICICI bank and HDFC bank chart for more clarity.
4th November is US election day and extreme volatile conditions can be expected. Go with less exposure or play according to level.