Bank Nifty has been trading in down trend channel, today it closed on bearish sign (dark cloud cover) and seems to be approaching the support again somewhere between 18200-18150. traders may go short in Bank Nifty tomorrow with a target of 18200.
It is been observed that price action makes a strong support levels at 460 levels where it jumped back price action and formed a descending triangle. Now, it has confirmed a breakout from the triangle indicating further bullishness. It shall move forward to 500 levels as per the measuement of triangle rules.
Target: 500
Stoploss: 475
BANKNIFTY another interesting study. we may use this channel for the next few trading sessions. channel support comes near 19950 zones.
respected the upper channel line for multiple candles. looks like a good shorting idea below 20230 spot.