EW Analysis :
BN is in pullback mode from lows of 24400 and is showing a clear abc pattern on upside.
Trend Breakdown :
BN breached the up-trend in Sept 2018 which started from Mar 2016 and is now retesting the up-trend support which now becomes resistance for BN .
Supertrend Resistance :
Any weekly close above 27800 on BN would change the bearish...
BnF has reversed from the .78 fib retracement in a classic channel.
It is all set to touch the support of 25400.
With the last election budget coming up, this doesn't seem far. A massive sell-off is enough.
Similar to Nifty we can also see the bearish pattern in bank nifty as well. Sell range is between 27632 - 27656. Observe the price action near the range before making any short entry. Wait for the price rejection in the given range.
BANK NIFTY: WEEK-TECH-SHEET-> 7th January 2019 to 11th January 2019
Bank nifty moves around + 592.50 pips from7th January 2019 to 11th January 2019, in which bank nifty breaks last week 31ST December 2018 to 4th January 2019 top 27430.55
As mentioned on reference 4th January 2019 evening order
Bank nifty attained target 3, yet to attain target 4
Target 4: 28000
Sell banknifty future cmp 26980 sl above 27030. tgt not any definitive in this new ATR based setup, its mostly just tsl. so decide yourself of 100-200 or just tsl with us. NSE:BANKNIFTY
Sell banknifty future below 26210 or buy 26100 put at that level ( this week or next depend on ur risk appetite) sl abv 26410 tgt 25910-25610. cmp 26270, NSE:BANKNIFTY
Sell banknifty future below 25935 or buy 25800 or 25900 put as per risk appetite of this week or next week. cmp 25975. Sl to be used after trade get active is above 26180. tgt 25650-25350. NSE:BANKNIFTY
SOME PULLBACK EXEPECTED TILL 27550 TOMORROW
IDEAL LEVELS TO GO SHORT ON THE INDEX
CHANNEL BROKEN /RANGE(RECTANGLE RANGE BROKEN)
SHORT@27550-575
STOP@27680
TARGET@27300
LOT:40
QTY:5
NOTE:LEVELS ARE AS PER CASH/SPOT RATE
PLEASE ADJUST IN FUTURES ACCORDINGLY
See how price came and respected the bands.. Ive been showing this constantly. Thats the magic of YSG Magic Levels. It works for trending day and range bound days.. enjoy
Today is expiry day so trade with protection
BANKNIFTY is unable to take out its previous high, with huge selling pressure above 26600. making it a SHORT SELL Candidate, SELL BANKNIFTY around 26450 with Stop-loss of 26305 and Target 1 at 26305 and Target 2 at 26080.
These calls are purely based on Technical analysis. Investing in these calls requires self decision or advise from a financial analyst. I am not...
