After falling for consecutive 6 days, a bullish pin bar was seen, which clearly suggested that price is getting rejected from bottom.
Today it closed above the pinbar which suggests a reversal with bullishness in Banknifty.
If banknifty supports RBLbank can reach target within a week.
Once entry is done and in profit, better to hedge with 180 CE sell to maximize profit and hedge against your view.
With this hedge the protection will be till 163 as 180 CE is currently at 7.55
Disclaimer: I am not a SEBI Registered Analyst. This is for educational purpose. Please take position after consulting your advisor.
Today it closed above the pinbar which suggests a reversal with bullishness in Banknifty.
If banknifty supports RBLbank can reach target within a week.
Once entry is done and in profit, better to hedge with 180 CE sell to maximize profit and hedge against your view.
With this hedge the protection will be till 163 as 180 CE is currently at 7.55
Disclaimer: I am not a SEBI Registered Analyst. This is for educational purpose. Please take position after consulting your advisor.
Comment:
I have closed my trade at 175
Trade closed: target reached