BANKNIFTY - Trade setup - Fresh Long Entry
BankNifty has been forming inside bars in the daily time frame from the last couple of trading sessions
inside bars near a resistance zone are signs for reversals, interestingly BNF is not in any resistance zone as such. so what may be the possible reason for inside bars ?- may be less volume due to holiday season, may be a trade-setup by option writers to earn premium over an extended weekend.
whatever be the case - BNF is yet to complete its unfinished business to touch the all-time high in this rally.
This is for the ones who are not already long in BNF and looking for a fresh entry
double inside bars not near resistance zones usually give a fake breakout leading to retracement. This matches well with 30500-30700 support zone
Play would be
Wait till BNF [spot] nears 30500-30700 zone and the buy CE or Future
If BNF [spot] breaches 30500 and stays below for some time. Exit as this hypothesis would be deemed wrong in that case.
A happy new year and Happy Trading
MSK
Refer to some other interesting ideas of mine
inside bars near a resistance zone are signs for reversals, interestingly BNF is not in any resistance zone as such. so what may be the possible reason for inside bars ?- may be less volume due to holiday season, may be a trade-setup by option writers to earn premium over an extended weekend.
whatever be the case - BNF is yet to complete its unfinished business to touch the all-time high in this rally.
This is for the ones who are not already long in BNF and looking for a fresh entry
double inside bars not near resistance zones usually give a fake breakout leading to retracement. This matches well with 30500-30700 support zone
Play would be
Wait till BNF [spot] nears 30500-30700 zone and the buy CE or Future
If BNF [spot] breaches 30500 and stays below for some time. Exit as this hypothesis would be deemed wrong in that case.
A happy new year and Happy Trading
MSK
Refer to some other interesting ideas of mine
Note
Still playing around the inside bar range ...
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