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Banknifty Trade SetUp Idea#BNF #banknifty pulled bk from the weekly vpoc and just made a peak below an high volume zone. potentially on its way to test the 25150 zones, which is also 50% retracement of the swing. After thursday's crash we did lay down that the fall stopped just short of our swing support zone of 24100 and in case that is respected we could be on our way back to test the highs again. aided by global cues we did manage to make a stellar pullback. Volume profile charts are here @ twitter.com Also long term players do remember that I still maintain my view that these are retracement swings and until 25800 is cleared we should test the yearly lows one more time in coming weeks
NSE:BANKNIFTYLong
by PowerTrades
BankNifty Trade setups from HereBanknifty for quite sometime we had discussed the importance of the 24100 zones. Yesterday markets tested the levels above that zone and managed to pull back to close near day's highs. This again re confirms that 24100-150 will be the immediate trend decider for long side trades. Trading above that can BNF can go upto 25750 levels . where we have signficant selling pressure. Overall long term trends till remain bearish and in coming months I again expect a test of the lows Detailed volume profile charts are posted here @ powertrades.blogspot.in
NSE:BANKNIFTYLong
by PowerTrades
BankNifty short trade setupI have been writing about a mid term rotation upwards if 24100 levels were defended. Friends will recall thats why we had also closed the short @ 25000 near 24300 zones. Now that scenario has failed and we have to look for a downward move. Another level to watch out was 23875 levels. now on friday we tested that level and failed to breach it on the upside. This will hold as an immediate resistant with a possibility to test 23450 levels in the downside and towards our long term targets of 22600. At the sametime remember that this week is expiry so dont be surprised if we see some consolidation as well based on options OI. which still is looking to suggest a close between 23500 and 24000
NSE:BANKNIFTYShort
by PowerTrades
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