Banks showing consolidation near ATH.
Banknifty is trading in a 2% range for last four weeks. Before it the market has given a 4000 points move in 7 weekly candles.
Creating a new ATH and consolidation near it shows the strenght of the buyer. Whereas, selle are trying to sell near the high but seems to be weak.
The index has travelled more than the 9% move in Nifty.
Chance of end of bearish trend can be there is the market break the support zone of 43900 as there will also be chance of 20 EMA break down on daily charts.
It will be a short term bear trend as fibonacci, Weekly 20 EMA and BOS. The markets have formed a lower high and can form a lower low.
Crucial level for swing trader is the levels of 43900 with a nice 500-600 points target. Bearish Hedge Positions can be created, if markets start trading below the support zone.
Bullish position can only be created above 44400 levels.
Technically, markets are showing some negativity and the candle formed on the daily charts, shows a bearish move and a halt.
A sell on rise can be the market cycle for June expiry and watching market creating new highs in July.
Intraday opportunities will also be of sell on rise and wait for the price action near the levels.
Big target can be achieved if position and trail stop loss is ready. Next week option can be taken for creating bearish hedge positions. Put credit spread and Backeven hedging strategy will work giving small losses and big profits with little adjustment in trailing stop loss and position creation.
Watch for market to start trading below 43900 and hitting 43450-500 as support zone.
Creating a new ATH and consolidation near it shows the strenght of the buyer. Whereas, selle are trying to sell near the high but seems to be weak.
The index has travelled more than the 9% move in Nifty.
Chance of end of bearish trend can be there is the market break the support zone of 43900 as there will also be chance of 20 EMA break down on daily charts.
It will be a short term bear trend as fibonacci, Weekly 20 EMA and BOS. The markets have formed a lower high and can form a lower low.
Crucial level for swing trader is the levels of 43900 with a nice 500-600 points target. Bearish Hedge Positions can be created, if markets start trading below the support zone.
Bullish position can only be created above 44400 levels.
Technically, markets are showing some negativity and the candle formed on the daily charts, shows a bearish move and a halt.
A sell on rise can be the market cycle for June expiry and watching market creating new highs in July.
Intraday opportunities will also be of sell on rise and wait for the price action near the levels.
Big target can be achieved if position and trail stop loss is ready. Next week option can be taken for creating bearish hedge positions. Put credit spread and Backeven hedging strategy will work giving small losses and big profits with little adjustment in trailing stop loss and position creation.
Watch for market to start trading below 43900 and hitting 43450-500 as support zone.
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