BankNifty view for the week of 29th November - 3rd December
Good evening all,
Last week:
I was out on travel and wasn't able to look at the index at all. Sometime, a break is essential.
This week:
The downside move look to continue and can be brought at the current level or on a pull back at 36230 for a potential target of 35530 and then 34825. Why I think the pull back will happen is because the RSI at 26 and has bottomed at 30 a few times before. For it to hit the next bottom at 21-20 and it may see some upward movement and then down again.
Tomorrow:
I am NOT posting for intraday tomorrow because the index is very precariously placed. We may see some huge volatility making it risky. So, in all wait and watch tomorrow (for intraday). But you certainly can take a position basis the daily chart for this week.
*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., hit like, follow me, and do spread the word.
Last week:
I was out on travel and wasn't able to look at the index at all. Sometime, a break is essential.
This week:
The downside move look to continue and can be brought at the current level or on a pull back at 36230 for a potential target of 35530 and then 34825. Why I think the pull back will happen is because the RSI at 26 and has bottomed at 30 a few times before. For it to hit the next bottom at 21-20 and it may see some upward movement and then down again.
Tomorrow:
I am NOT posting for intraday tomorrow because the index is very precariously placed. We may see some huge volatility making it risky. So, in all wait and watch tomorrow (for intraday). But you certainly can take a position basis the daily chart for this week.
*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., hit like, follow me, and do spread the word.
Trade closed: target reached:
Target achieved in 5 minutes
