keeping a stoploss at 74-5 on daily close basis a short position can be initiated around 74 for target 71.2 and above 74.5 on daily close first target should be 76 which right now looking difficult.
risk to reward ratio is looking attractive, use strict stoploss as 470.
as we can see banknifty has made double bottom on the support trendline, it can give a pull back to 35500-35600 range if closed above 34777 on daily basis which is presently expected for the week. but we should keep in mind that it has become downtrend on monthly chart. most important is the white trendline and monday morning trade will confirm the trend.
lic has given a reverse bullish hammer, keeping a stoloss atthe previous day low a trailing stoploss can be used for a good profit.
currently wave B 1.0 % line is coming around 36020, monthly fibonacci resistance 3 is at 36006,camarilla yearly H3 is at 35760, that banknifty couldn't close above it. so setting a stoploss at 36200, daily candle close a short can be initiated to swim with wave C on weekly or monthly basis as wave C can dive too deep.
currently in corrective 4th wave hindpetro is trading at .24 fib retracement. an uptrend is expected from here, for target of 339.
this coming week bpcl might change its trend as per to the past history. stay alert . reger chart.
referchart and trade with ur own strategy
refer chart and add this stock to ur watchlist
caution trade with strict stoploss of 64.5 as this is a circuit counter.