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Niftybank

Bang-Bang on Bank ?Bank Nifty has been a outperformer in recent rally in last 6 months but now it seems it gonna break down from the channel too. Channel though is a downward sloping but if it breaks on downside then momentum and volatility will be fast and furious. One strong factor supporting my downside view is that Index has closed below 200 Day Average (Yellow line) for 6th Consecutive session which means weakness. Indicators i.e., MACD and RSI, have already shown bearish crossover of its average. Secondly, index is consecutively trading below short term moving averages 5 and 10 day SMA. So inshort if we break below 35506 then fresh shorts can be initiated. Target would be open while SL is at 200 day average 36940. Cheers!
NSE:BANKNIFTYShort
by KushGhodasara
Simple Trade Setup | BANKNIFTY | 21-04-2022 [INTRADAY]NSE:BANKNIFTY Trade Setup for 21-04-2022 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level. 4) Avoid gap up or gap down chase. Wait and trade between levels. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion. Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
NSE:BANKNIFTY
by Trading_hawk