PRE-MARKET:
Bank Nifty has fallen upto 50% from the rise of 17174 - 19229. Holding 18200 EOD and breakout above 18350-400 will result in an upmove. If Resisted at 18400 - then again a fall towards 18200 - break of which would drag BN towards 17900-17800.
50 DMA is 18330 and 200 DMA is 18300 - a FAST RISE set up is prevailing - On an EOD close above 18300 - it will come into play very effectively.
Trade Plan for today:
INTRADAY -
Buy above 18200 Sl 18150 Hour Close targets - 18350-400 spot values. If two Hour close above 18350 - then trail SL to 18350 CLOSE and hold the LONGS.
Sell below 18200 - SL Hour close above 18250 - targets 1800/17950/17800
This blog is my trading diary. It is an attempt to organise my analysis and thoughts. I follow the charting methods given in JUST NIFTY blog by Ilango sir and so the charts would have striking resemblance to his charts. I am indebted to Ilango sir for having made this blog possible for me.
July 28, 2015
July 27, 2015
BANK NIFTY ANALYSIS
1.30PM Update:
Owing to Global weakness - Banknifty has fallen from 18500 -18250 levels. 18300 is 200 DMA and 18330 is 50 DMA - A FAST RISE BETWEEN 50 DMA AND 200 DMA. An EOD close above 18300 would be an initial step for Bounce back.
The BEARISH WOLFEWAVE (24 JULY 2014) has reached its final target. The Bullish Gartley pattern is completed.
Time to Exit shorts taken at 19000.