BankNifty Whats Next? 19-Nov


BankNifty             Futures: 18th was a copybook trading day and fortunately we were on the right side of the trade as well. This can be primarily be attributed to conviction in the plan as much as right analysis for the plan. Why did we mention that 17140 is a key zone?( we know the market reaction once that was breached)
If you check the hourly candles there were multiple instances when that was respected and it was building up supply there. beyond that we saw a straight dash to 16900, to be honest the ease with each was broken was surprising.
Now whats next? The new Trend decider now is 16940-50 levels if you observe the charts. until we manage to hold or trade below it pull backs on intraday basis can be shorted. Downside targets can be near 16650 or lower. It will be key to observe whether the breach today was an aberation or a build up of new trend. Hence prudent would be to see how that level is treated. If markets moves and holds above it can give a good pull back trading opportunity to the contrarian players.
Comment: Today there were two straight trading opportunities and one was a tough one. 1. To go short once market was trading below the trend decider 16940. This got hit of course as we saw. 2. A reversal long above to target 17140 the next hurdle, which was a good trade. and the third trade was for the agile minded to take a quick scalping contrarian short with stops above 17200 when markets failed to clear 17140-60 zones.
Comment: Banknifty Futures: BankNifty did a second time volte face in a week this time around. This kind of also points to the fact that we mentioned at the start of the week that trend traders are going to have tough time. Read the post at on "why is it going to be tough for trend traders"
What were the potential Trades today?

Now for the next session couple of key observations. 1. its still an inside day candle today. hence chances are tomorrow can be a choppy/indecisive session until a clear direction is formed. Range is now more constricted with resistance at 17250 and support at 16940 zones. So if its too range bound try pull back trades within the zones. If we want a clear direction we would rather wait for a break out of this range and take a trade again.
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