Bank Nifty Could Reach 40350, but Watch Out for Resistance
Short Bank Nifty with a target of 40350 and a stop loss above 40960.
Rationale: Bank Nifty closed below its 20-day moving average and has been making lower highs and lower lows on the daily chart, indicating a downtrend. Additionally, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are both in bearish territory, supporting the idea of a continued decline.
Risk Management: Place a stop loss above 40960 to limit potential losses in case the market turns against the trade. Consider taking partial profits near the support levels to lock in gains and adjust the stop loss accordingly.
Disclaimer: This is not investment advice. Trading carries a risk of capital loss. Always do your own research and analysis before making any investment decisions.
Rationale: Bank Nifty closed below its 20-day moving average and has been making lower highs and lower lows on the daily chart, indicating a downtrend. Additionally, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are both in bearish territory, supporting the idea of a continued decline.
Risk Management: Place a stop loss above 40960 to limit potential losses in case the market turns against the trade. Consider taking partial profits near the support levels to lock in gains and adjust the stop loss accordingly.
Disclaimer: This is not investment advice. Trading carries a risk of capital loss. Always do your own research and analysis before making any investment decisions.
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