32442 was level to watch and 15 min candle close below it triggered short trade after the 2nd candle. I generally trade this setup for 400 to 500 points. Target will be minimum 32000. If missed wait for retracement till 32315. Otherwise, take very small quantity. I am traveling hence missed giving it. The final target would be 31950.
Bank Nifty - 31500 is acting as Strong Resistance and its being 5 days , bank nifty is unable to take out Big Red candle it formed .
Components of BNF are facing Resistance and its the PSU Banks which are showing Good move but PSUs cant take BNF above 31500.
ICICI , HDFC Bank , Kotak , Indusind , Axis are all trading below their 9 Day Exponential Moving...
Points which I will cover:
1) Negative divegences - How they are still bullish
2) Fibonacci levels
3) Possible movement in the upcoming week
- Negative Divergences
Higher high on RSI and Lower high on price are clearly visible on the chart however, it is utmost important to notice the breakout in the falling RSI trend. It is favourblet to assumer that the recent...