Bearish bat appearing in Nifty 50. Price already entered PRZ.
R2 Around 9550. We need to look for signs of reversals (if any) between 9480 and 9550.
Trade only if strong signal bar appears as currently Nifty trading in a strong bullish momentum.
** Study only for educational purposes, do your own risk assessment before trading **
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.