InsiderB
Long

BankNifty : Lets Buy Some Banks !

NSE:BANKNIFTY   NIFTY BANK
Simple Trade setups are the best one's. Instead of getting stuck with some complex trading systems, the simpler the better I believe.Today morning, first I looked at Nifty             , didn't feel quite good about it, its completely ranging,so shifted focus on Banks..yea we are gonna buy Banks like Billionare's :).Lets keep funny things aside, here we are looking @ Banknifty             and it just broke out of rectangle pattern ( our favorite pattern for past 3 weeks..Love it ! ).

So if there is any pullback to check the resistance-turned-support area 19000's, we will be ready to get long in Banknifty             . That's the simple setup we are looking at. We can also count elliott waves starting from 18450's, and wave 3 getting completed around 161.8% of Wave 1. Wait friends, nothing rosy as it looks, bcos 161.8% n wave 3 doesn't imply it will return for sure,so that we all can go short. If we have to trade wave 3 to 4, look for other valid bearish confirmations & enter, bcos its possible that banknifty             may decide to reverse @ 2.0 or 2.24 fib extensions.

If all goes fine and short plan worked, book profits around 19000's (+/- 0.5 %) and initiate long positions around our marked entry zone in Banknifty             . We can call it as pullback entry or based on waves or someother technical analysis , all are good n valid. It's myth that one method is better than other. So if we take long positions @ 19000 in banknifty             we are aiming around 700pts, only if everything goes as we have analysed. Yeah ! Let's go n Buy some Banks :)


Feel free to leave comments to discuss/ Hit Likes if you agree... Happy Trading !
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