BEARISH ENGULFING IN BANKNIFTY
SHORT TRADE IN BANKNIFTY
BUY PUT OPTIONS OR SHORT THE FUTURES
LEVELS GIVEN AS PER CASH MARKET RATES
PLEASE ADJUST ACCORDINGLY IN FUTURES
The dollar index is currently trading around a minor support zone.
The price action and the stochastic indicator is showing a divergence. So there is a good chance of bounce back.
It will retest the broken support zone which is a good time to short.
head and shoulder pattern formed with a neck line around (281.5 - 280.5) level, which was a strong support also, which got broken later. Now price is retesting the broken level.
Here the pattern tgt - 256, and sl should be just above the right shoulder - 296.5 .