Last 10-15 days(25 Dec - 6 Jan) it is trying to break down through its support line and now below the support line(Support line from 20 Nov - 24 Dec Approx) . If it breaks Fibonacci Retracement uptrend line , which it is about to and is very close to it . It can break up to 1500-->1450-->1400-->1350 . Also the MA 50 is about to cross above 9 MA which supports the...
The Chart has nicely formed the Head & Shoulder pattern and closed below the Neckline. It seems a valid pattern that gave breakout and one can use the current pullback to short the index for a good risk to reward ratio.
BankNifty Vixfix has been continuously increasing and the OBV decreasing, basis yesterday EOD data they have reached the point of intersection after which they will diverge. - this is an indication of large downside correction and i estimate atleast 1000 points more.
Equitas was Trading in an upward trending channel in the 15 min Time frame.
Channel was broken on the downside and re-tested today.
At the re-test, we took the short position.
Position was booked at the end of day session.
Bought EQUITAS JAN 105 PE at 2.7 at 14.45
Exited at 3.00 at 15.19
Profit : 11.11%
As per chart pattern, Buy possible above 31000 with SL 30780 and Target 31085, 31150, 31220, 31295, 31345
& Sell below 30775 (If sustain few minutes)
Target: 30725, 30650, 30550 with SL 31000
Posting for Educational purpose only