Bank Nifty Trading Strategy for 29th May'2020.

If I totally go up price action on Bank Nifty , there are two b2b breakout levels crossed and held (18,200 & 19,000).

As per the current breakout, the target on the upside is 20,785 to 20,820.

One thing that is worried, BN moved 8% yesterday on account of some 1.5 L package to Banking Sector rumors.

If the pattern has to fail, the first signal will be BN trading below 18,828 and final confirmation below 18,400 levels.

I will wait for 19,550 levels to be crossed and held for fresh long, else will remain neutral and will bet of breakout fails if it happened.

Decision Range above +ve and below -ve.

Imp Retracement levels.

0% (b) 21,967
23.6% 20,819.568
38.2% 20,109.716
50% 19,536
61.8% 18,962.284
76.4% 18,252.432
100% (a) 17,105

#banknifty, #niftybank

Again due to storm and power cut, I was unable to post expiry analysis.


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