BANK NIFTY it was a great opportunity to sell.
Market do offers such opportunities.
and I was looking for such one.
When I found bank nifty struggling at the centerline of the channel
I checked the weekly POC just coincided with that zone
34800 PE was trading at around 40.
I found bank nifty was consolidating in that zone
and hourly stochiastic in over bought zone
I smelt some thing bearish channel break down took place
I took short position and I signaled short.34800 pe soared from 40 level to as high as 500 plus.
As per current scenario this move from recent high is only 3 wave not yet proved impulsive.
unless today's high is taken out we can see another leg down side.
Such intermittent rallies takes place when market is correcting as traders book profit
If bank nifty breaks today's low further down side possible.
Don't forget to like this post. follow me to get updates
and I was looking for such one.
When I found bank nifty struggling at the centerline of the channel
I checked the weekly POC just coincided with that zone
34800 PE was trading at around 40.
I found bank nifty was consolidating in that zone
and hourly stochiastic in over bought zone
I smelt some thing bearish channel break down took place
I took short position and I signaled short.34800 pe soared from 40 level to as high as 500 plus.
As per current scenario this move from recent high is only 3 wave not yet proved impulsive.
unless today's high is taken out we can see another leg down side.
Such intermittent rallies takes place when market is correcting as traders book profit
If bank nifty breaks today's low further down side possible.
Don't forget to like this post. follow me to get updates
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Bank nifty need to take out 3
