Nifty Bull Flag formation possibility

Oct 28, 2020

If Nifty breaks 12020 with a huge volume, the bull flag confirmed. Bought at 11750 with a target of 13200 and stop loss of 11550.

Breaking of 38.2% Fibonacci level rejects the idea of a bull flag.

Oct 31, 2020

Trade active

Yesterday, the market got supported by the 38.2% Fibonacci level. A close below 11550 rejects the idea of a bull flag.

Nov 5, 2020

Note

The market has broken the bull flag. Note that the length of the flag formed is 500 points. So, our targets are -

Target 1 - 12500
Target 2 - 13200

Nov 10, 2020

Note

Target 1 hit
Profit 1 of 800 points

Nov 17, 2020

Note

13000 can be psychological resistance. Partial profit can be booked at this level.

I bought it at 11750 so exiting at 13000 means a profit of 1250 points in less than 1 month.

Nov 25, 2020

Note

Nifty made a high of 13145. We can book profit in 12850-12900 levels and close this trade.

Nov 25, 2020

Trade closed manually

Closing the trade