We will see BANKNIFTY above 26200 at the end of this year! So, take your seats, the flight is getting ready to take off after refueling!
Note :-RSI Divergence is suggested before entering.
Currently the old trendline is acting as good support. Lets wait and see what happens next. Regareds, tRex Jurassic Park
Punjab National Bank long setup on weekly chart Buy above: 155 SL: 135 Target1: 180 Target2: 200 Target3: 225
Long Trendline lying on canara bank and need to wait for breakout. Trade: Buy above - 348.75 Target 1 - 356.00 Target 2 - 364.00 Stop loss - 339.00
Long trend line on Union Bank at 1hr time frame. There is a range in between the buy level and target 1 - 153.15 and the price may hold on the level 153.15 for some times. Once the range also get broken then it will touch the target 2 - 155.35 Trade: Buy above - 150.50 Target 1 - 153.15 Target 2 - 155.35 Stop Loss - 148.50
Buy PNB at the channel bottom Expecting it to touch the channel bottom at 154-157 range Target 185 SL 148
The downtrend (if I may use this term) which started last week from almost 23K levels, seems to be playing out with lower highs and lower lows. The gap down of 17th May was been closed. The retracement was precisely from 0.786 Fibonacci levels. Here we have a rising channel which if taken out on the downside, will continue the downfall below 22700-22650...
Points to be noted from the above chart - one may notice that Whenever Bank Nifty has broken its 5 day EMA it has invariably tested its 20 days EMA. - Moreover the chart also reflects that the index has touched its 1.618 Fibonacci extension level which is an important level to watch out for. - Given the chart set up, if Bank Nifty respects the 1.618 extension...
Build Short Postions in Bn in the range of 22150-22300. In the current upmove i expect BN to top out at around 22300. One can go short at these levels with an sl at 22500 for target 21000 ( positional). This is a long term trade, expecting it to retrace to 21000 levels in the next 20 trading sessions.
SOUTHBANK has given a head and shoulder break out pattern i.e bullish in nature, watch near dip for target 28.3/ 31 stop loss below 20.
We already have SBI symmetrical triangle expecting upside breakup but here BankNifty also providing similar chance. Though in Both cases RSI shows bearish sign, well let's see where it gives break & then Plan the trade :) Happy Trading !
Triangle pattern formation on Axis Bank. Macd Bullish crossover on above '0' barrier. Trade: Buy above - 518.50 Target 1 - 524.50 Target 2 - 529.00 Stop Loss - 513.50
Triangle formation on canara bank. Normally, Triangle pattern break either side but here triangle already broken on bull side and lying on resistance level. If the price break the resistance level, then it may move upto 340. Trade: Buy above - 310 Target 1 - 325 Target 2 - 340 Stoploss - 295 Reward Points - 30 Risk Points - 15 R : R - 1 : 2 Note : Its...
ICICI Bank bullish on bearish trend so make a small trade.... Trade Buy above - 277.95 Target - 279.55 SL - 276.95
Here is my BANKNIFTY analysis. Please use it as a reference for your trades!
Short Bn at cmp 21240 with sl at 21286 for target 1) 21054 2) 21000 3) 20897. The sl being just 46 points away this is a contrarian but low risk high reward trade.