The Banknifty index has given a non-stop rally after the range shift.
The Index has given an impulsive wave and we already know that every impulse has a correction.
Now the Index has a wider range.
If the index opens gap up then we will be selling from the high point of 39,750-39,800
We will consider a short position below 39,390 which is also the...
Bank Nifty Opened with a Gap Up & Consolidated through out the day.
Look For Buy near zone
Sell near Zone.
Tomorrow Scalping near the levels will be good idea. With small SL in Option Buying & Selling.
SELL ONLY AFTER LINE BRK
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Open AT THE RANGE OF 200 POINT FROM CLOSING
If Banknifty gives break down 39390 level then it will fall upto 150-160 point so take trade when banknifty show break down
STOPLOSS 50-60 RUPEES
TARGET INTACT IN CHART
Banknifty opened the gap up, saw tiny follow up, couldn't sustain at higher levels, and closed in red near its low, forming a Bearish Candle
Now the price action of today does not look good and did signal caution for the upcoming session.
1. Gap up Opening - Didn't sustain
2. Bearish Engulfing candle at channel resistance.
3. RSI at 70 levels.
4. Full Moon ...
#BANKNIFTY Short Term Positional View for week ending 22nd Oct:- I missed to post the update on TV.
My view remains bearish for the weak, price shooting above rising wedge is not a sustainable model.
The price will fall back to the wedge and you will continue to expect pressure on upside.
Banknifty is looking comparatively weak than Nifty as all the major Banks are kind of in an existed state except Axis Bank & Indusind Bank.
Although 39500 is emerging as a good Support whereas 40027 may act as Resistance.
BANKNIFTY Index has made an ALL-Time High in the previous trading session and has given a one-sided short-covering move.
The Index has a much wider range now and has been seen trading in a bullish uptrend channel which is valid since 27th July.
Now the range is 1400 points which is a wide range for the Index.
We may see a breakout of the channel on the upside...
#banknifty view for 20th Aug'21:- Additional Views
We are in ABC correction:-Wave C is mostly sharper and faster in Flat Correction. Wave “C” generally extends 123-138% of wave A but sometimes it is so drastic that it can extend 200%-261% of “A”.
The potential reversal levels are marked on the chart, in case of the gap is down don't try to short, wait for...