PowerTrades
Long

BankNifty Trade set up & Plan

NSE_EOD:BANKNIFTY   NIFTY BANK
Banknifty             has a supply zone near 17840-740 range. This will be a good area to take a pull back long with SL and reversal below 17740. That is going to be the plan for a low risk entry. On the upside will take a long of 17950 is cleared convincingly. First target zone will be near 18120-150 zones.
Trade active: BankNifty Futures marked a low near the support zones mentioned and traded good part within the support band. For now no Trade action and the plan from yesterday remains as is
Order cancelled: BankNifty continues to be in trading range we discussed. Today it failed to clear any of the levels.

17940 on the upside with a lower level of 17880 and on the downside the levels of 17780. Today markets attempted a failed breakout but failed to clear that level.
Both the levels are going to be the key
Idea will be to sit in the sidelines and wait for a clear of these levels. Dont loose too many trades trying to trade during the range bound conditions. until you can scalp your way to some smart pull back trades.
Thanks,
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