BankNIfty Trade Plan for 17 November
As per trade plan for 13th nov, BN opened below 28168 and hit first target of 27840 level. From that level, bulls took the control and made upmove towards 28500 level supported by ICICI bank Upmove. Now the profile is perfectly balanced with composite POC at 28420 level. Now BN range is in between 28160-28880. Below are trading plans for 17th November.
1. 28168 should act as a good support now. Any move towards 28168 should be a good buy opportunity with SL of 27950 for target of 28420/28680/28840.
2. If Market opens gapup, go long only if 28880 breaks and sustains, In that case, It would be positional long with SL of 28800 for open target.
3. If Market struggles to hold 28800 after gap up opening, Go short with SL of 28900 for visit of 28420/vwap level.
4. 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, 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.
1. 28168 should act as a good support now. Any move towards 28168 should be a good buy opportunity with SL of 27950 for target of 28420/28680/28840.
2. If Market opens gapup, go long only if 28880 breaks and sustains, In that case, It would be positional long with SL of 28800 for open target.
3. If Market struggles to hold 28800 after gap up opening, Go short with SL of 28900 for visit of 28420/vwap level.
4. 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, 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:
Trade plan 2 worked well. Post Lunch breakouts are most reliable trades. Attaching 5 min chart for reference. Now one should be positionally long in BN.
