OmiFX8

Bank Nifty - Bull Trap?

Short
NSE:BANKNIFTY   Nifty Bank Index
Bank nifty is up over 1% today. The price rise has come a day after the index witnessed a rising wedge breakdown on the daily chart. Even so, I am not inclined to buy here. In fact, a bear put spread could br initiated right now as the weekly chart shows consecutive doji candles.

Doji near life time highs represents buyer exhaustion...

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.