Bank Nifty Beautiful Consolidation

29 Jan

Hello friends best wishes to all of you from my side, as you all know that current government is going to present it's Union Budget in two days and as we have seen on the day of the budget or a day or two before it the major indices of the market make very uncertain movements. Therefore I have made a chart of Bank nifty which is very easy to understand.

So on the available chart we can see that for the last few days Bank Nifty has been trading in a very small range which we can call a consolidation in a parallel channel and in case of a breakout of this channel in any direction we can see the pattern based targets coming.

I understand that there will be a lot of volatility in the markets due to the budget that's why after the range breakout I will place the stop loss only when it closes in the opposite direction of the range. I hope that the charts presented by me will definitely help you in some way or the other on your charts or your setups.

Hope you like this publication.
Best regards- Amit.

7 hari lalu

Dagangan aktif

Avoided the trade due to possibility of high volatility around budget days but yesterday got a breakout with a good candle and now it is expected that after breaking the consolidation it will comfortably move towards the target, hence the stop loss is being kept at cost (entry) price, Stil long position is in 500 points gain but i will like to see the target.

7 hari lalu

Nota

marked one immidiate resistance if break and close above we can see bullish momentum toward marked target

kelmarin

Dagangan ditutup secara manual

Trailing stop loss has been hit, so now this trade is being left at no profit no loss although the entry mentioned in the above update was in profit of about 700 points from 49960 to 50641 and the target was also only 350 points away, but I waited for the target and then there was panic in the markets due to the start of the trade war. I hope I will be able to share a new idea with you guys soon. Thanks for support.