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Bankniftyanalysis

BankNifty: Expiry day tradeBankNifty has certainly started recovering well, but given that we have just broken out of an important zone, trading BankNifty can get pretty tricky tomorrow. Here's a simple long setup that I think offers pretty good probability of success with good risk to reward ratio. Rationale: - Price has just broken through an important zone, but it hasn't been properly retested yet(which may never happen, but as a trader we should plan for that). So I'm expecting some retraction from the current level, before we start getting some good long opportunities. - We have seen some good volume in last couple of sessions, and expect some profit booking if market opens with a gap-up. Though that seems less likely, as buyers seemed exhausted in the second half today, and I won't be surprised to see the market open with a gap-down(which is better for this setup). - Indicators like RSI & Stochastic suggesting overbought range on 1H & smaller TFs, the market is not really trending yet according to ADX. - If the market opens with a huge gap-up, then this trade is off. Otherwise, we wait for the mentioned price levels to hit and take positions accordingly, we must give market at least 3 hours for this trade to work, so don't take position if we there's not enough time(say after 12 PM). Final Note: - This just my personal opinion, not to be considered as a financial advice. - Expect high volatility, so size your positions based on your risk appetite.
NSE:BANKNIFTYLong
by sudoMode
Banknifty Technical AnalysisBroke the triangle and is ready to do the retest. Once the consolidation level forms within the current market range, we can expect a surge of 400 points. I am taking a risky trade here with an SL of 170 points and a TP of 450 points. If anyone wants to take my trade plan take an affordable risk or wait for the consolidation level forms and break above the consolidation level so that we can be somewhat sure to take the medium risk(after all, this is trading no one can predict 100%). So, take risks accordingly.
NSE:BANKNIFTY1!Long
by i.saikiran471