BankNifty Intraday Trade setup for 30th of AugustHello all,
explained everything that should be our levels and Targets for tomorrow Trade. Guys Please watch the analysis and ask your questions in the comment box.
Bankniftyshort
Bank Nifty Short term viewI published last week about shorting bank nifty at 22800 levels as it was breaking out of a rising channel in the 5M time frame. Now that it has done it and resumed the downtrend, let's look at a slightly broader time frame.
Here,
1) Clearly, the H&S pattern forming at the top of a long uptrend is playing out. It breached the neckline briefly yesterday around the close.
2) There is a big gap just below the current prices, which would be filled in if the H&S breaks out.
3) There is clear multiple negative divergences on the MACD vs the price charts.
I'd recommend a short for the levels of 22200-300 if there is confirmation of the H&S break.
BANKNIFTY SHORT set up is on its way - downward channel, wedge.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.
