This is Short trade based on GAP theory. SL is 0.5 TG is 1.9 or MIS squareoff.
Trade can be taken on Intraday basis. Expecting strong Bullish Momentum. BN is buy above previous day high. SL can be placed at todays low. Exit trade @ 03:15 or Hold trade as Positional if BN is bullish enough.
TRADE IS BASED ON MY MOMENTUM BASED SYSTEM CALLED ELEVEN. BNF IS BOUGHT OR SOLD WHEN TRADE IS TRIGGERED IN BANKNIFTY SPOT. ALL TRADES ARE POSITIONAL. SL IS TRAILED. BOUGHT BNF @ 31700(SPOT) ON 13APR SL @ 31330(SPOT)
ASCENDING TRIANGLE formation on 1D and 1H timeframe suggest breakout. While INSIDEBAR formation on WEEKLY timeframe suggest BANKNIFTY to be range bound between 31200 and 28800
NIFTY is at all time high as mentioned earlier. Analysis was purely based on technical.
If sell trigger's a ULTRACEMCO OCT FUT can be sold. Nice short with good RRR. Target will be updated later.