Bank Nifty - Wait for Opportunity

21 juil. 2021

Hi Guys,

Please find the detailed analysis of my view in BankNifty!!!

Time Frame of Chart - Daily
Market Structure - Advance
Swing Point - Swing Low to Swing High
Last Line of Defense is Braked ? No
What Type of Trend? Strong Trend - EMA100
ATR Volatility? Down and Flat
CPR? - Bullish Bias
What type of CPR? Extreme Narrow CPR
Previous Virgin CPR is there? No
MACD CROSS SIGNAL LINE IN HIGHERTIME? FLAT
Trend Reversal Evidence ?
1. Price Not approved to High Time Frame (i.e for this index weekly)
2. Trending Move Candle is smaller and Retracement Candle are not getting bigger
3. Break of Market Structure - Closes above the Support of 34420-34400
At Market Structure MACD shows low to no momentum before Breakout? Yes.
Last Line of Defense is Braked? No
Trend: Bullish
Chart Pattern: Triangle
Build Up happened before the breakout of the Chart Pattern? Yes at Resistance
Breakout Happened? Yes
Breakout Happened with good volume in Chart Pattern? Yes
Retest Happened? No
Whether Breakout happened near the CPR? Yes
ANY REVERSAL CANDLESTICK PATTERN FOUND NEAR MARKET STRUCTURE? No
In Area of Value whether any trend continuation pattern Found? No
Trend Line Drawn? Yes
Trend Line acted as Support or Resistance? Yes . Resistance

Support: 34421.80 and 32752.40
Last Line of Defense: 33937.00
Resistance: - 36042.15
Trend Line Resistance: 35450.00

Trading:

Buy: 34000 ( If reaches and retrace above)
SL - 33882 ( Closes below 33882)
Target - 35450
Risk: 118
Reward: 1450
Ratio: 1:12:35

Trade is Favorable ? Yes

Regards,
Thenali Views.
Disclaimer: Kindly do your own analysis before executing the trade or contact
your financial advisor