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Wedge

Bank Nifty: Wednesday - 04/01/23Levels: Support: 43180, 43000, 42650, 42250 Resistance: 43500, 43800 Observations: Rising Wedge formation Pennant Structure broken and in uptrend OI Data: ---------------------------------------------------------------------| Bank Nifty => Price: 43425.25 ATM: 43400 , ITM: 43300, 43200, 43100 , OTM: 43500, 43600, 43700 ---------------------------------------------------------------------| Highest OI Call in Bank Nifty per OI data: 43500 Highest OI Put in Bank Nifty per IO data: 43000 Nearest Major Resistance in Bank Nifty per OI data: 43900 Nearest Major Support in Bank Nifty per IO data: 43100 ---------------------------------------------------------------------| Trade setup: +++++++++++++++++++++++++++++++++++++++++ Trade | Level | SL | T1 | T2 ----------------------------------------- BUY | > 43500 | 43400 | 43700 | 43850 ----------------------------------------- SELL | < 43350 | 43450 | 43150 | 43000 +++++++++++++++++++++++++++++++++++++++++
NSE:BANKNIFTYLong
by pradipandsuvra
Classic Rising Wedge in Bank Nifty** Be Extremely careful with your entry ** (For Educational purpose only) Trade activates only post 43200 breaks on the downside. RnR would be great when (If) this trade activates, Targets are the respective lower highs of the wedge. IMPO was expecting a upmove today, which did happen in the morning. Entered 43200 CE and existed the trade already at 43450 which was the trendline resistance for the day. But not happy with the the current movement in the market, it lacks conviction and seems like a trap now. Will go long only after 43600 huddle is crossed with conviction.
NSE:BANKNIFTY
by Rudved
Nifty501. Rising wedge 2. Inside candle @ 1hr 3. Important support -18080 and 18000 4. Closed above 50 MA 5. Downtrend in 1 day The nifty 50 is continuously moved upside, looking closely we can see that it is moving in a wedge pattern i.e RISING WEDGE. Taking Support at 50 MA and ending up with an Inside Candle bar pattern. Important levels to trade - BUY above 18150 which shows that it had respected the 50 MA and 18080 as support. Sell below 18000 which shows that it crossed 50 MA and 18080 thus looking for a bearish move and also BREAKING DOWN the RISING WEDGE pattern successfully.
NSE:NIFTY
by SUTHARTRADE
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