Federal bank has taken support from the trend line shown and is sitting almost on it now.
The stock is showing a hint of bearish divergence which has been confirmed with the 2 downward movements on Thursday and Friday. It could very well have served the function of consolidation for large volume buying happening during the uptrend.
52 is a key level to watch for bearish breakout.
If it falls below 52 - closes below 52 on the 15 minute candle; Short trades can be initiated for targets of 51 and 50 with SL at 53.
The stock would be bullish above 54.5 indicating consolidation is complete and its open for new heights. Long trades can be initiated for targets of 56, 57, and beyond.
Behaviour of BANK NIFTY will affect the movements here so keep an eye out.
In case of Gap openings below and above the last 2 sessions high and low levels, exercise caution in taking short and long trades respectively.
The stock is showing a hint of bearish divergence which has been confirmed with the 2 downward movements on Thursday and Friday. It could very well have served the function of consolidation for large volume buying happening during the uptrend.
52 is a key level to watch for bearish breakout.
If it falls below 52 - closes below 52 on the 15 minute candle; Short trades can be initiated for targets of 51 and 50 with SL at 53.
The stock would be bullish above 54.5 indicating consolidation is complete and its open for new heights. Long trades can be initiated for targets of 56, 57, and beyond.
Behaviour of BANK NIFTY will affect the movements here so keep an eye out.
In case of Gap openings below and above the last 2 sessions high and low levels, exercise caution in taking short and long trades respectively.
Trade active:
Buy triggered at 54.5: Banknifty bullish.
Trade closed manually:
Closed at 53.65
