Nifty Bank IndexLong
BNF Intraday view for 05-07-2021
Aggiornato
Good evening all,
For tomorrow, I carry my view from the past 2 trading sessions. The index will be in a range between 35200 and 34650, which also is the daily ATR.
Since 34900 has offered a strong resistance forming a double top, breaking that barrier is going to be important. Having said that, it also forms the neck line for a potential inverse head & shoulder formation suggesting an upward move. Since my weekly and short term view is long, I think this to be a good possibility.
Long side view: Buy above 34900, Target 1 - 35200, Target 2 - 35330, SL - 34800
Short side view: Sell below 34500, Target - 34100, SL - 34650
Between 34900 and 34650 - Scalping potential with a SL of 100 points on both side.
*** This is my personal view and not necessarily a trade recommendation ***
However, If you like my idea..., do spread the word.
For tomorrow, I carry my view from the past 2 trading sessions. The index will be in a range between 35200 and 34650, which also is the daily ATR.
Since 34900 has offered a strong resistance forming a double top, breaking that barrier is going to be important. Having said that, it also forms the neck line for a potential inverse head & shoulder formation suggesting an upward move. Since my weekly and short term view is long, I think this to be a good possibility.
Long side view: Buy above 34900, Target 1 - 35200, Target 2 - 35330, SL - 34800
Short side view: Sell below 34500, Target - 34100, SL - 34650
Between 34900 and 34650 - Scalping potential with a SL of 100 points on both side.
*** This is my personal view and not necessarily a trade recommendation ***
However, If you like my idea..., do spread the word.
Trade chiuso: obiettivo raggiunto
As expected, 34900 levels were breached through a gap up opening and reached our target of 35200 in the second session.
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