Banknifty Trade ideas and plan this week-25Jun
BNF: Last week , Played out all 3 scenarios that we laid out, a test near 26150, consolidation and 26300 levels and a upward test for 26800 levels.
BNF continues to trade within the trading range formed on the 1st week of June. Testing the 78.2 % retracement, from there an upward push up to 27000, 27350 zones is a possibility. On the downside 26480-580 will support immediate support and a move below will be a good zone to test for a downward push
Now we could play out the below scenarios for next week
I.Continue upwards to test 27000, 27350 zones or higher, but given OI accumulation at 27000 I will be cautious for this scenario.
II.Move below 26750 and test the zones of 26580-480.
III.A break below 26350 to try and test 26150 and lower levels. Again at this point a break of 26100 looks difficult this week based on month end OI
BNF continues to trade within the trading range formed on the 1st week of June. Testing the 78.2 % retracement, from there an upward push up to 27000, 27350 zones is a possibility. On the downside 26480-580 will support immediate support and a move below will be a good zone to test for a downward push
Now we could play out the below scenarios for next week
I.Continue upwards to test 27000, 27350 zones or higher, but given OI accumulation at 27000 I will be cautious for this scenario.
II.Move below 26750 and test the zones of 26580-480.
III.A break below 26350 to try and test 26150 and lower levels. Again at this point a break of 26100 looks difficult this week based on month end OI
Comment:
Today it pulled back exactly from the support band low. a move below this low will the ball rolling for shorts, else we should be wary of a pullback if it now moves above 26840 zones
Comment:
BNF Continues to trade in the range created in the first week of June.. totally lackluster in the range.
A decisive move below 26360 or 26840 will set the tone for the next range in the markets.
A decisive move below 26360 or 26840 will set the tone for the next range in the markets.
Comment:
#BNF #NF #NIFTY last few weeks have been in a range, during these times it helps to see charts in larger time frames than ones usual to develop a clear perspective of where we want to trade & at what price during congestion zones like this.
Comment:
26510 nearly got tested today, quite a move from the shorting zones near 26760,a crack of that level and i will look for the second push downwards