#banknifty has given a "V" shaped recovery on Friday's trading session and closed positively on the last week. The main question is, "Does the move continue, or will it go back into a range?" As per the chart, the current market structure is favourable, supported by global cues.
15 Minute TF to find the best opportunity in intraday on January 16
In Friday's trading session, the index tested its low and recovered immediately. That support has been valid since December 26 and has been rejected several times, indicating how strong the level is, so "high probability trade is on the long side," but which level is the most important thing to know? We have multiple XABCD patterns on the chart that we can use for the entry and target.
The intraday range is 42,270 to 42,500.
Long can build above 42,500 for the target of 42,640/42,792
The short position, which is against the current market structure, can make lower than 42,270 for the target of 42,130
15 Minute TF to find the best opportunity in intraday on January 16
In Friday's trading session, the index tested its low and recovered immediately. That support has been valid since December 26 and has been rejected several times, indicating how strong the level is, so "high probability trade is on the long side," but which level is the most important thing to know? We have multiple XABCD patterns on the chart that we can use for the entry and target.
The intraday range is 42,270 to 42,500.
Long can build above 42,500 for the target of 42,640/42,792
The short position, which is against the current market structure, can make lower than 42,270 for the target of 42,130
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Telegram : t.me/Codeviser
Website: codeviser.org
Follow us on Twitter: twitter.com/CodeVisers
Our Facebook Page: facebook.com/Codevisers
Youtube: youtube.com/c/CodeViser
Website: codeviser.org
Follow us on Twitter: twitter.com/CodeVisers
Our Facebook Page: facebook.com/Codevisers
Youtube: youtube.com/c/CodeViser
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.