Potential Bullish BAT on Nifty 30 min Chart @ 8901

gulz Updated   
NSE:NIFTY   Nifty 50 Index

On NIFTY , 30 min chart we have a potential Long opportunity at the D leg completion of bullish BAT setup .

The D leg completion of BAT is @ 8901 (PRZ).

The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Stop loss would be placed below X leg structure support .

Target 1 - 9022
Target 2 - 9097

When looking to take targets on the bullish Bat Setup the first step is to use your Fibonacci retracement tool.

With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%.

To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2.

Trade with Care
Comment: Incase Nifty falls down (might be bcoz of Reliance ind. issue or something else) & If price action exceeds the B point in a break down move, we will have a short term Short trade setup from B to D leg ( Bat Action Magnet Move (BAMM)) on anticipation of D leg completion ( 0.886 of XA leg).
i.e. if price action declines B point, the 'Magnet' effect begins.
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