BANKNIFTY is sequentially making lower highs and lower lows , thus breaking the structure, on Friday BANKNIFTY retest its previous lower high and exhibit a sharp retracement towards the down side in order to make a new lower low.
BANKNIFTY might hold on its fall for a day or two in order to factor in budget news, but since the long structure is broken we can...
Nifty Long at 9100 | Stop-loss 9000 | Target 9600
Risk Reward 1:5
Nifty moving up slowly and on the daily chart, it's making series higher highs and lower lows.
The Primary and Intermediate trend is still down.
Trading this counter-trend rally with very tight stop-loss.