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Nifty Bank Index
Long

BANKNIFTY Trade Setup for Wednesday (04-Wed-2024)

Key Notes:
  • Bank nifty swept previous day Buy Side Liquidity (BSL) indicating probable downfall,
  • Price is under higher time frame (H4) Institutional reference levels

Institutional references identified
  • Bearish Order Block
  • Bearish Mitigation Block
  • Buy Side Liquidity (BSL)

  • Bank Nifty Futures OI data indicating strong bullish bias
  • Most Likely Bank nifty is going to give a strong breakout from institutional reference levels
  • Morning Session price may open with strong gap up.
  • If gap up is strong enough to break all the key levels, Entire day bullish view
  • If gap up is held strongly by bearish order block, then price is going to take a sharp downfall.
  • Those who carried shorts for delivery yesterday going to experience some pain today.

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