BANK NIFTY also closed higher than previous weeks but could not break the resistance, which is why the stock's upward movement was arrested.
The overall view is with Triangle wave pattern for a market as shown on chart.
Go Long - Buy on dips with SL at 184.5 for 194-196 & beyond
Intraday view tomorrow:
Buy above 188 for Targets: 190, 192, 194 & 196 with SL at 186
P.S. I have a bias and existing long positions on the stock, as I have mentioned on previous linked ideas, so there is a good chance "I see what I want to see" ! It's super easy to fit patterns to justify underlying hypothesis!
Others should hold with a tight SL
Go long above 190 for 192, 194 with a trailing SL of 1 and SL at 188
Sell below 188 for 186 with SL at 189
Trade along the direction of NIFTY and BankNIFTY.
Again I am already long on 200 CE with significant exposure so stay in for long haul
What a day !
will re-enter if it sustains 198