BankNifty is giving a buy setup after giving a deep correction. It has tested the trendline after breaking above and is sustaining higher. One can take the trade now with stoploss and targets defined on the chart. Its a 1:2.75 Risk:Reward ratio.
Long & Short As Per My Analysis Chart or You Can Also set Own Risk reward. Let see what Will be Next Move on .Risk Warning- I m Not a Financial Advisor This idea Only For Educational Purpose Only. Thank You !! Dragon Club (iNDIA).
In 30 min chart (also in hourly), NIfty has made a clear positive divergence.
The index is taking support 11100, which is second time since monday October 7, 2019.
The option data also suggests a good support at current level.
Looks like we may see a 80-120 points up move from here in NIfty.
If you carefully Observe. Bearish pennant (Flag and Pole) is being formed inverted which indicates weakness ahead. Confirmation Required and Target will be updated after confirmation.
This is follow up analysis on Nifty.
Important levels on LTF and HTF marked on the chart. Can be used as needed. Boxes would act as important levels of support and so would the resistance on the top. Range bound. Need to break either side for a trend. Wait for the move before taking a position
Short Idea for BankNifty.
We are coming out a fairly decent demand zone and approaching a minor sell zone marked in Red. - First short plan
A bigger and better Sell zone awaits (in Red) way up. - Second Short plan.
Will analyze this as we go.