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...
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
Bank Nifty is lagging Nifty in terms of ichimoku structure on daily scale. Here in Bank Nifty we can see that the prices are not within the cloud; making it more room to scale it up with that of Nifty. Once Nifty hits 8400 mark (that is upper boundary of the cloud); we could see correction or sideways action and I feel it is during this phase Bank Nifty will match...
