RahulAndra

Bank Nifty Intraweek Scalp Long

NSE:BANKNIFTY   NIFTY BANK
First of all thank you to tradingview for intraday Banknifty             charting

BankNifty             has a history of making very violent corrections when it finds a trendline and right now we have banknifty             at a 1 month strong support trendline in a crucial demand zone . In addition the selling from 16k+ levels made the last week the largest volume week of the past few years : http://economictimes.indiatimes.com/marketstats/pid-38,exchange-50,indexid-1913,indicestab-futures.cms.

I expect it to retrace to at least 16.1. If it breaks above 16.1 then 17k will be tested as final tp - I have mentioned this in my first banknifty             idea as well. Indian market is starting to slowly move away from the permabull sentiment however the market is still going to react well even though the cut wasn't what was expected in my opinion.

The second scenario is that Banknifty             breaks down from the consolidation pattern and markets begin dumping quicker than I expected.

15.85k banknifty             and the futidex bnifty can go to 16k

Trade active: Looks like we are breaking out, vicious double bottom at 15450. Great strength possibility of testing 16.25k and then 17k


Intraday break up!
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