Bank Nifty is also forming a Flag and Pole Pattern and target Looks very scary. Financials forms 28% of our Index and bank Nifty is very near to its Feb Low of 10017.If bank Nifty breaks this level than we have next support around 9100 Levels only as shown in chart.
Always use Indicators for confirming your trades But never trade based on Indicators. An indicator can remain overbought and oversold for long frame of time in a Trending market.
Sell Below 10338 Tgt 10267,10167 and 10017
As discussed in Nifty Weekly Analysis Nifty was bearish on Weekly chart and Rally on Friday was a short covering.
Nifty breached its Short term important support of 5400which has bearish implication for extremely short term.
If we look at Hourly charts we have another strong support @ 5350 and cluster of Support @ 5310-5320 range.
So watch out for this levels. 5350 should be watched closely.
On Weekly chart as shown above give support @5350 and 5315 levels. Intresting days ahead as we have expiry on thursaday.
Use rallies to exit longs only.
Levels for Tommrow
Buy above 5405 Tgt 5438,5457 and 5489
Sell below 5373 Tgt 5350,5321 and 5279
Level are Spot Levels.
All i want my readers to follow specific trading system and trade on the same.
To be frank i heard people saying Nifty will go till 4800 or 7000.
How many are able to trade such Big moves ?
How many points have u made in such moves?
These question you should ask yourself Than you will come to know the importance of a Trading System and Planned trading which will help you to get maximum point on both upmovess and downmoves.
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