How to make position on BankNifty on 5th Dec - Trade Analysis

6 thg 1, 2024

Market open at 53 point high after create a red candle in 15 min. First 45 min price consolidate near resistance. after that a big red candle and a good down move we can see till 14:15.

Why breakdown why not breakout ?

• If we can see from 4th January's 12 pm see green candle's volume is decreasing but price is increasing.
  
• Here Red candle's volume is increasing.
  
• MACD indicate bearish divergency in 15 min.
  
• If we can see OI data Here we can see CE writing is increasing and PE writer exiting there position.
  
• If we can see future chart here clearly indicate squire off future position also after 10.42. (Getting More Confirmation).
  

All This combination indicate a short covering is coming in market. That's all.

After Taking trade when you have to book profit?

You can see a trend line . when ever price touch or near about trendline you can book your position.

How can I take position when up move come ?

See after a downfall when price increase and cross the trendline (Orange color).After that you can a long position till resistance (48178). That's all.

Remember one things we have to follow our risk management and believe in price nothing else.