PowerTrades

BankNifty TradingView -Week 30 Nov

NSE_EOD:BANKNIFTY   NIFTY BANK
BankNifty             Futures: Our Breakout zone was 17140 levels for past few posts. this provided a fabolous trading opportunity nearly giving 400 points gain in 2 sessions. Banknifty             1754--640 is a congestion zone and may be tested at these levels. Once cleared we can see a test of the 18000 zones. on the downside we could potentially hit back 17240 zones if we want to trade shorts. ON this counter i will take an intra day decision on the real time charts
Comment: BankNifty Futures: Banknifty futures had an important close below the critical levels of 16930. It will be interesting to note if the markets maange to hold below these levels. If it does we could see a test of 16630 and 16340 below.Existing short trades from the levels of 17400 odd can be now trailed closely and this can provide a short pull back opportunity if the levels hold. short traders must note that we had to quick a correction too soon hence some bit of retracements might be expected. key would be to see the sustainance below or above the zone of 16900-950.
Though its been a known news in the horizon for quite a long time now, the Fed meets next week, the holiday season is here. How do you see these factors playing on the sentiments? (Off-course, we have to go by our strategy and not sentiments). My call is a fall below even the 16340 in the near term.
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The first thing was to watch out for 16930 odd levels today, which exactly got respected. At the same time you should factor in we have corrected way too much too fast. hence markets will always have a tendency to pullback. yes take a short until it holds below that level. the point is until you were short from the higher levels than the reward potential is decreasing in this move right? also i know the FED is an imp thing. then there is the psychological part too, of letting go a good gain in pursuit of returns. until your leverages are in tune its difficult to manage that aspect. I hope im making sense in the different contexts here
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