BANKNIFTY SHORT set up is on its way - downward channel, wedge.
Updated
Hi all,
Why to short bank nifty ? - 20/50 crossover, long-term trend-line break, price respecting new downward channel.
Aggressive traders can short it at the moment with 19930 SL on closing basis. Safe traders can wait for the breakdown of 19250 (intraday or closing) and take support at 19000. Then sell in a retracement of 19200-19250 for a downward target of 18500.
Aggressive traders will have 1:2 RR while safe traders will have 1:1.5 risk reward.
Happy trading, keep trailing.
Why to short bank nifty ? - 20/50 crossover, long-term trend-line break, price respecting new downward channel.
Aggressive traders can short it at the moment with 19930 SL on closing basis. Safe traders can wait for the breakdown of 19250 (intraday or closing) and take support at 19000. Then sell in a retracement of 19200-19250 for a downward target of 18500.
Aggressive traders will have 1:2 RR while safe traders will have 1:1.5 risk reward.
Happy trading, keep trailing.
Note
Bank nifty first target achieved for aggressive traders, book 50% profit and trail rest with break even.Safe traders, an entry has not yet triggered so wait for a breakdown below support and then retracement.
Note
What a pin point performance,Bank nifty all the targets achieved before bouncing back from the support.
As suggested buy yesterday nifty and banknifty both rocked 2% and 4% respectively during today.
Cheers.
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