Banknifty | 4th Dec | Pattern Recognition

Dec 5, 2020

BNF started the day with strong bullish bias indicated by the first long green candle of 9.15. Ideal to go long at 9.30. why ?

1. Strong bearish rejection happened
2. Inspite of gap down, it attained the previous day close levels of 29600.
3.It broke the critical pivot in the first bullish candle.

Continue as long as the trend continues (Trend line is held )

Reverse & Short at 10.45 : With trendline break algo & other confirmations , good to short around 29950

Continue & hold till 1pm (Profit booking with the first bullish engulfing candle at 1pm.

Reverse & Long : Good to lo long at 1-1.15pm around 29730 -29700. Why ?
1. Bullish engulfing happened
2. Trend line break happened
3. Money flow confirmed reversal
4. Critical pivot is taken out