Bank Nifty Trading Strategy for 9th March '2020.:-
The first sign of reversal above 28,197, the trend will change to positive above 28,872 (Very bold statement)
We are near to the bottom, very early n bold comment, the corporate rate cute happened on 20th Sep,19 (L- 26,728 & H- 29,419), that flood gate has open and it’s a vacuum which can suck BN to 27K levels...
Bank Nifty has clearly formed the 3 Drive at bottom pattern and showing Divergence. Those who prefer to take risk can put it the index on radar and initiate a long trade.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
The current pattern is flag pattern.
As per weekly chart, Reversal is not far.
Suppose to already started reversal, the price will close below 518
As per the weekly chart, reversal is 531 nearby.
Glenmark has shown a bullish reversal on the back of very large volumes. If this trend continues, it could possibly be the bottom for a long time to come.
Long can be initiated for a medium term trade.
Target 1: 500.
Stop Loss: 310.
The stock has formed 3 Drives on Bottom pattern and is in deep oversold zone. It has formed bullish engulfing showing a potential reversal therefore one can go long at this level with the recent low as Stop Loss. One can expect the 68 as target. It offers a healthy risk to reward ratio of 3. The defensive trader should wait and enter once it starts trading above...
The price is clear in downtrend and forming lower lows. Volumes are increased at the bottom and RSI is trading above the Oversold mark. Those who want to prefer an entry at the lower level could try a long here with the recent low as Stop Loss. One can look for a 10-12% retracement move from here.
Disclaimer : All ideas are my personnel view. Please take financial...
Please Consult Your Financial Advisor Before Taking Any Decision.
NSE:BEL long setup on 1h zone, entry at 92.65 with 1 point SL and 2 point TP
Note: Always risk 1% of account size per trade, adjust the position size accordingly.