Hi, I am an Options Trader. I am new to the Trading view sharing IDEAS platform.
So, talking about BankNifty. I am referring to the 2H chart.
We can see the sharp fall after the thrust of the reverse head and shoulders pattern(between 1st March and 26th April).
Now where does it go next.
BANKNIFTY is currently at 25875.
This is a crucial zone.
The "next support zone" shown in red around 25700-25600 is a possible target for shorting.
We can see that BankNifty has already broken the green "Current Support zone" by a small margin. Lately sellers have been aggressive and it seems possible. If monday market starts with a good sell off then chances get higher.
The red dotted lines indicate strong seller market.
And the bold lines indicate the path of a 40-60 buyer-seller ratio market which is likely what will happen.
So, talking about BankNifty. I am referring to the 2H chart.
We can see the sharp fall after the thrust of the reverse head and shoulders pattern(between 1st March and 26th April).
Now where does it go next.
BANKNIFTY is currently at 25875.
This is a crucial zone.
The "next support zone" shown in red around 25700-25600 is a possible target for shorting.
We can see that BankNifty has already broken the green "Current Support zone" by a small margin. Lately sellers have been aggressive and it seems possible. If monday market starts with a good sell off then chances get higher.
The red dotted lines indicate strong seller market.
And the bold lines indicate the path of a 40-60 buyer-seller ratio market which is likely what will happen.
People with similar ideas should already have booked 2X Profits in PUT.
Happy Trading! :)