It looks consolidation has arrived and completion of 5 wave motive moves are completed. Profit booking or selling can occur, which will take the price action in south direction. Short: HDFC Bank SL 1090 T1 1032 T2 1001
Currently, price is ranging in a symmetrical triangle of Wave 5 of impulsive leg. Breakout to downward direction will begin correction waves of the said impulse move.
Planning to Short it at price level 708 with stop loss 720, target 660
we can see a formation and completion of 5th corrective wave in here now and I expect the downtrend to continue and reach at the level of 14317 to the previous resistance that will change to support. Stoploss can be applied at 18000 level
Banknifty Futures: At the start of last week we had discussed that the week is expected to be volatile and choppy and boy it tested us to the hilt. the way the week has closed it is likely to continue to be undecisive.This is likely to change once markets make a decisive move either above 17350 levels or below the 16600 levels on a broader scale. For intraday...
16942 was the low made today just above our crucial trend decider levels. Also Top made at 17330. so if traders are looking to still follow up with the trade, next hurdle now above that will be 17400 and 17540. supports emerge at 17140 zones
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...
We had discussed that 16900 is the trend decider level. Today during the opening sessions markets sustained above it a provided a low risk trade with good return potential. genuinely hope the trade was taken by everyone who followed the notes. In the near future 17250-17330 will provide a resistance zone to watch out. If that is surpassed, which looks a...
#banknifty #technical Whats Next???--- BankNifty futures have broken past the crucial support zones. Now any pull backs to 17380-17420 will be challenged. On the downside a break below 17200 can lead to fall to 17065-50 zones where we may expect support to come in from both technical and psychological basis. On the upside bullish trend will only resume if 17450 is...
As per the plan BanknIfty was shorted below 17740 levels. Low made was around 17150 which gave a pretty good swing in just 2 days time. Current support as you see was taken exactly at the retracement level. Hence any move above 17450 will be good contrarian long trade for the adventurous ones, and for now that includes me. But be prepared for a quick reversal if...
Banknifty opened below the congestion zone range of 17880-17740. This provided the entry point for the short trade. Could only enter the trades around 17700 range. downside targets are about 17570 and 17440 levels. Rest can be trailed.
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.
Bank Nifty uptrend is running out of strength, we can expect volatile move ahead and resulting in down move in coming days or weeks. Trading on short is safe at this levels. I have mentioned levels at which one can take short keeping stops and targets as mentioned in chart.
Be aware of downtrend channel and green and red zones where buying or selling may take place. 16200 to 15700 is a range where buying may take place and 17200 to 17677 is range where selling pressure will be there. Place your trade accordingly.
Updated BankNifty chart. Support and Resistances - marked on chart.
During the last week’s trading, Nifty has lost about 1.05% but whereas Bank Nifty has gained 1.90%. The most of the gains came from Private sector bank’s contribution after the spectacular performance by ICICI Bank’s over 8 rally on April 28.
Bank Nifty is leading Nifty in the reversal. Upside target is about 19300, which is 1000 points above cmp. It should come in May.