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Parallel Channel

Mighty Nifty - May 13Price did not have trending movement on Friday. And still price is weak. So what will be the next move? We have two patterns. Pattern : Triangle, channel. Range : Medium. Trend strength : Normal. Buy Above : 22080. Stop Loss : 22040. Targets : 22120, 22160, 22200 and 22240. Sell below : 21980. Stop Loss : 22020. Targets : 21940, 21920 and 21880. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
NSE:NIFTY
by vanathi
2
Banknifty weekly analysis for 13/05/2024.Banknifty has been trading in a rising parallel channel which is a bearish pattern. The support trend line has been tested 4 times and it is testing it again, closing around it. Even the weekly 20 Ema is around the closing of the candle. If there is a break down on the weekly candle after 2-3 days of consolidation or halt, there is a high chances of bearish momentum is the markets. Major support/target levels:-46600, 45800 Let the market decide the trend and trade accordingly. For last 8 trading session, there is a red candle on the daily charts. A retracement or consolidation is required before any further fall in the market. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by Mambotrade
Bank Nifty - May 6Price is bearish as long as it is inside the channel. And the movement will also be a zig zag move. Pattern : Channel. Range : Medium. Trend strength : Normal. Buy Above : 49040. Stop Loss : 48960. Targets : 49120, 49200, 49280 and 49360. Sell below : 48920. Stop Loss : 49000. Targets : 48840 ,48760, 48700 and 48620. Check the live market updates. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
NSE:BANKNIFTY
by vanathi