Bank Nifty - Homing Pigeon on Daily and Cup&Handle on 15
Bank Nifty has provided two beautiful Signs for Reversal
1. Homing Pigeon on Daily which is somewhat similar to Bullish Harami, but its known for weakening the current Trend, hence Reversal is just around the corner.
2. 15 mins had created a beautiful Cup and Handle which is again a reversal signal.
Another interesting observation is that BN is closed the Gap yesterday itself, which builds more confidence.
We need to be watchful and follow the 20/6 EMA strategy for scalping. Personally i would wait for strong break of 35143 for long and breach of 34410 for short
Below are the key levels to watch
Support - 34410, 34308,34048
Pivot - 34900
Resistance - 35050, 35614, 35863, 36000
It has to fill the Gap it created earlier (35222-35535) for a strong up move.
1. Homing Pigeon on Daily which is somewhat similar to Bullish Harami, but its known for weakening the current Trend, hence Reversal is just around the corner.
2. 15 mins had created a beautiful Cup and Handle which is again a reversal signal.
Another interesting observation is that BN is closed the Gap yesterday itself, which builds more confidence.
We need to be watchful and follow the 20/6 EMA strategy for scalping. Personally i would wait for strong break of 35143 for long and breach of 34410 for short
Below are the key levels to watch
Support - 34410, 34308,34048
Pivot - 34900
Resistance - 35050, 35614, 35863, 36000
It has to fill the Gap it created earlier (35222-35535) for a strong up move.