Buy at CMP 1470 Stoploss 1430 Target 1540-1570 Reasons for Trade- 1. Weekly Chart has formed good Base with strong candlestick pattern 2. On Daily Chart price has closed above important support lvele. 3.Price has taken support on 200 EMA on Daily Chart. 4. Risk Reward is 1:3
Indusind Bank has broken long term trendline on weekly chart. It has also started making lower top lower bottom structure on closing basis. Trend has changed to down. On lower side supports are at 1333 & 1265. Short term bounce can be expected from 1250-1270 zone towards 1550.
Nifty made an All Time High (ATH) of 11810 on April 16, 2018, however Bank Nifty is catching up, it first has to touch its previous high of 30646 levels and then surpass that level to make a ATH.
According to me the ATH in Bank Nifty would soon be conquered at 31070-31100 levels. Its a matter of when and not how.
Well the set up seems to be quite robust,...