Inside Bar candle formed in Banknifty and will fall from the low of the previous candle. Bear will takeover from 25600 to 25350 / 25190 and possible to reach 25050. "Happy Trading"
i feel that bank nifty as opened gap up today and all psu gaining and seem overbaught a profit booking as well as private bank looking weak ,
sppecially kotak and yes bank as well as hdfc too ,
i think it should come down to 25400- 200 levels on or before expiry!!!
Bank Nifty chart also seems like Nifty chart. So, expecting the movement will be on same direction. Don't enter into trade without having any breakout because the trend is neutral.
Note:
Trend - Neutral
Long - above 24400
Short - below 24050
Banknifty is in a crucial territory between a trend line and a channel bottom.
We will go for buying above 24500 or short below 24150. Until our trade is triggered we will wait and watch
Targets and SL will be updated once trade is triggered. Keep watching this space for more info.
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...
A trading strategy based on multiple moving avergaes.
Shows great results on backtesting.
Parameters:
Initial Capital : 250,000
Contracts : 40 (Fixed, Equal to Lotsize of NSE BANKNIFTY)
Pyramiding : 3
Slippage : 20 ticks (1 Rupee)
Commission : 0.015%
64% Trades are profitable...
Hi everyone,
Bank nifty trading near to the medium term trend line. As per my wave count I am looking for medium term reversal. Expecting Bank Nifty fell to 12500 level with in a Year.
Will Bank Nifty follow the Nifty way to fill the existing GAP ? If yes, then bear will takeover the Bank Nifty also.
Trade:
Short below = 18797
Target 1 = 18709
Target 2 = 18552
Target 3 = 18440
Stop Loss = 19002
Reward Points = 540
Risk Points = 205
