Niftybank
BankNifty Call Butterfly a good option for 25 July expiryBank Nifty may be attempting a breakout from a downward sloping trendline. A good low cost option to play this can be by executing a call butterfly for 25 July expiry:
Buy +1 Call 31000 Strike
Sell -2 Call 31500 Strike
Buy +1 Call 31600 Strike
Net cost 65-70 points (lot size 20)
Max profit potential on the upside 430-435 points.
Profit above 31600: 330-335 points
Max Loss 65-70 points
Reward to Risk: over 5:1
Breakeven Point for trade:31065/31070
Nifty This Week entry with 1:3 RR RatioNifty has Formed Negative Divergence on Weekly chart and also closed below Monthly Resistance level of 11750. Nifty May Come down to fill the gap near 10700-10680 But entry near 10640-10650 Will provide us good risk reward ratio for 12000 Target.Risk Reward for this trade is 1:3
Nifty July Series Setup?Nifty Has been Consolidation between 10855 and 10592 since last last week of may. Fundamental strong trigger is required to boost the bulls but as of now rising Oil Prices as well as depreciation of rupee is the big concern.I am hoping that nifty will touch 11000 this series because monthly chart is still in bull trend. Best buy will be only above 10855 and below 10592 nifty may show 10300-10200 which shows to be impossible as of now.
Possible Elliot Wave Analysis - Nifty BankNifty Bank under performed Nifty during the Oct- Nov period,but Nifty Bank correction was much shallow compared to Nifty. Now that both have almost caught up we could see both indices move in tandem from here on. Nifty Bank could be making a bottom closer to 25,100 for further rally from tomorrow. The minimum target on the upside could be 25,800 which could extend much higher as well.
Good Luck !!!
Bank Nifty indian index long term buy setup at monthly demandStrong bullish trend on Bank Nifty Indian index, long term longs at monthly demand level around 18.750. New levels of demand created, supply zones eliminated. Price has been rallying very strongly lately, expecting a bigger pullback to go long lonterm.
Bank Nifty (and Nifty) bullish this expiryBank nifty has reversed from 1.618FE of wave 1. IF it takes support at the 38% or 50% fib levels (and the trendline), then it could result in a sharp up move to new highs. This should pull Nifty too; just that the wave structure is clearer here.
(Support at the 23% fib level for the up move after that is possible too but then an initial entry would be difficult to perceive.)