Bank Nifty for July 11th_Post market analysis
Post Market Analysis_BankNifty_July 11th:
1. Bank nifty instead of opening Gap Down, made a huge big green candle in the first 15 minutes, but as discussed yesterday, it faced resistance at 35262 (Previous Day high) and after good consolidation gave a breakout on the up side.
2. On a 15 minute timeframe, if we observe the candles by using simple Bollinger Bands, a good Bearish Engulfing pattern is formed at 10.30 AM, at the top of the Bollinger Bands so a short trade (Buy PE or Sell CE) is possible from 35282 to 35222, which is 20 days moving average as per Bollinger bands.
3. Breakout trade a 2 PM can be avoided as market made 2 big green candles one after the other, we need to trade 'Retracements' not breakouts, but here market didn't retrace much.
4. SO as discussed in July 11th analysis, after breaking previous day high 35262 and further consolidation only, market took a direction.
You can reach out to me on '9989647590' for any further updates.
1. Bank nifty instead of opening Gap Down, made a huge big green candle in the first 15 minutes, but as discussed yesterday, it faced resistance at 35262 (Previous Day high) and after good consolidation gave a breakout on the up side.
2. On a 15 minute timeframe, if we observe the candles by using simple Bollinger Bands, a good Bearish Engulfing pattern is formed at 10.30 AM, at the top of the Bollinger Bands so a short trade (Buy PE or Sell CE) is possible from 35282 to 35222, which is 20 days moving average as per Bollinger bands.
3. Breakout trade a 2 PM can be avoided as market made 2 big green candles one after the other, we need to trade 'Retracements' not breakouts, but here market didn't retrace much.
4. SO as discussed in July 11th analysis, after breaking previous day high 35262 and further consolidation only, market took a direction.
You can reach out to me on '9989647590' for any further updates.
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