Price reached close to all time high. But I'm aware of the fact that there is no negativity to hit the market anytime soon that may push the market to the downside, as of now. Yet technically there is high probability for a sell-off and I do believe that news creates volatility and not direction. So I decided to take some chips off the table and book profits in...
Bought for about 5% of the capital. Will be looking forward to add on to the position if it falls to the next potential buying levels based on the technical levels of Bank Nifty. Since this is an index ETF and is of a sector like Banking which is indispensable for the growth of an economy, I'm pretty sure that it will always be on a bull trend in the long term....
Bank bees showing a buy signal and from here it will be stay greener for a week.
I have developeda strategy which is based on two condition. First it look candle crossover the 200 EMA and once the crossover/crossunder happened. it will take the entry after the price reached 0.7% Up / Down from the crossover/crossunder.
Bankbees at a good volume support level of 322
buy bankbees 323/308 we seen 339/352/369/380+ view invalid below 288 cbsl
bankbees on triangle breakout range watch it
As it is showing good risk reward zone... entry and success rate of probability is low. Hence SL compulsory
looking for long near 330-329... GTT order can help..... will start accumulation form this zone.... 25% of the investment (fund allocated for one stock)... eg: if i want to buy 100 bankbees ... so i will start first 25 buying at 330-329
We can not hold BankNifty Future for LongTerm but there is alternate method which many doesnt know. we can steadily gather this in dips & keep for long term holding.
BUY - Next 6 weeks, while it retests