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BANKNIFTY - 1 Day Time Frame Analysis
This chart shows a classic Inverse Head and Shoulders pattern forming on the daily timeframe of BankNifty. This is a bullish reversal pattern, generally indicating a potential shift from a downtrend to an uptrend.
Left Shoulder: Formed around April 23rd–25th, marked by a short-term low.
Head: The lowest point in the pattern, formed around May 8th.
Right Shoulder: Formed around May 28th, indicating buyers are stepping in earlier, showing strength.
The neckline resistance lies near 55,913, which the price is currently testing. A decisive breakout above this level, with good volume, could signal a further upward move towards the higher resistance zones like 56,526, 56,907, and possibly 57,292.
Key Support Zones:
55,167
54,791
54,479
Traders may look for a daily candle close above 55,913 for confirmation. Risk management is crucial as a failed breakout may lead to a retest of support levels.
TRADE PLAN:
🔹 Entry:
On a daily candle close above 55,913 (neckline resistance).
Preferably with strong volume confirmation.
🔹 Targets (Upside Levels):
Target 1: 56,526
Target 2: 56,907
Target 3: 57,292
🔹 Stop Loss:
Below 55,167 (recent support and right shoulder low)
Conservative traders can use a tighter stop below 55,400 (previous candle low).
🔹 Risk Management:
Use appropriate position sizing (risk only 1-2% of capital).
Wait for candle close above breakout level, not just intraday movement.
🔹 Invalidation:
If price fails to hold above neckline and breaks below 55,167, pattern becomes invalid.
This setup favors bulls as long as price sustains above the neckline.
Disclaimer: This analysis is for educational and informational purposes only. Please consult your financial advisor before making any trading or investment decisions.
BANKNIFTY - 1 Day Time Frame AnalysisThis chart shows a classic Inverse Head and Shoulders pattern forming on the daily timeframe of BankNifty. This is a bullish reversal pattern, generally indicating a potential shift from a downtrend to an uptrend.
Left Shoulder: Formed around April 23rd–25th, marked by a short-term low.
Head: The lowest point in the pattern, formed around May 8th.
Right Shoulder: Formed around May 28th, indicating buyers are stepping in earlier, showing strength.
The neckline resistance lies near 55,913, which the price is currently testing. A decisive breakout above this level, with good volume, could signal a further upward move towards the higher resistance zones like 56,526, 56,907, and possibly 57,292.
Key Support Zones:
55,167
54,791
54,479
Traders may look for a daily candle close above 55,913 for confirmation. Risk management is crucial as a failed breakout may lead to a retest of support levels.
TRADE PLAN:
🔹 Entry:
On a daily candle close above 55,913 (neckline resistance).
Preferably with strong volume confirmation.
🔹 Targets (Upside Levels):
Target 1: 56,526
Target 2: 56,907
Target 3: 57,292
🔹 Stop Loss:
Below 55,167 (recent support and right shoulder low)
Conservative traders can use a tighter stop below 55,400 (previous candle low).
🔹 Risk Management:
Use appropriate position sizing (risk only 1-2% of capital).
Wait for candle close above breakout level, not just intraday movement.
🔹 Invalidation:
If price fails to hold above neckline and breaks below 55,167, pattern becomes invalid.
This setup favors bulls as long as price sustains above the neckline.
Disclaimer: This analysis is for educational and informational purposes only. Please consult your financial advisor before making any trading or investment decisions.
Trade active
it happen as per the analysis target 1-2 done here i hope those tracking my analysis are happy
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.
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.