Dear all,
Does this qualify as a double top which has formed on the daily chart of bank nifty.
Does that mean that the rally has come to an end in Banknifty?
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
Symmetric Triangle on Bank Nifty
Trade:
Long Entry - above 24499 and Target - 24959 / Stop loss - 24153
Short Entry - below 24153 and Target - 23738 / Stop loss - 24499
Conservative & Aggressive traders, Conservative traders will wait for pullback even after the breakout, so I guess its what happening in Banknifty. So, a pullback and upside move to complete ABCD pattern ? We will see what happens in Banknifty...
First I had mentioned Gap Up n Down scenario's in Banknifty but as market opened I have changed it to one-sided scene.
(i) If trendline violated to upside wont sustain for longtime max 21650's only, then reverse to down
(ii) Touch n Play with trendline from Downside & Straight move to down
Today weekly expiry right ? Extreme guess work, BankNifty may reserve...
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...
Banknifty is retesting resistance levels which it failed to penetrate earlier. Downlink movement or retracement is possible in near short team since bearish divergence with price and MACD is formed on chart. Rising wedge formation on chart suggests the upward breakout in long term, but needs at least 6 weeks to get clear picture.
Next 2 weeks are important from...
