Nifty Bank IndexViés de alta
Positionally Long on Bank Nifty based on Price Action
Instrument: BankNifty
CMP: 39010
Target: 40,500
SL: 38850
Time estimation: 1-2 weeks
The zone from 38800-38900 has been crucial for BNF in its previous breakout. The zone acted as a resistance thrice before the last breakout and now it is being retested as the support post the breakout. The Bollinger band in hourly time frame has acted as a support and can be expected to do the same now. There is also a formation of a cup & handle pattern whose depth is approximately 1500 points. This helps to calculate the target for the next breakout which will be around 40,500. The stop loss for this trade will be 38,850 which is an hourly Bollinger band support as well as a price action support. The risk to reward as it stands is 1:10.
CMP: 39010
Target: 40,500
SL: 38850
Time estimation: 1-2 weeks
The zone from 38800-38900 has been crucial for BNF in its previous breakout. The zone acted as a resistance thrice before the last breakout and now it is being retested as the support post the breakout. The Bollinger band in hourly time frame has acted as a support and can be expected to do the same now. There is also a formation of a cup & handle pattern whose depth is approximately 1500 points. This helps to calculate the target for the next breakout which will be around 40,500. The stop loss for this trade will be 38,850 which is an hourly Bollinger band support as well as a price action support. The risk to reward as it stands is 1:10.
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