BankNifty Trade Updates: 17 Nov

We had discussed that 16900 is the trend decider level. Today during the opening sessions markets sustained above it a provided a low risk trade with good return potential. genuinely hope the trade was taken by everyone who followed the notes. In the near future 17250-17330 will provide a resistance zone to watch out.
If that is surpassed, which looks a possibility markets can rally higher up to 17400 to 17530 levels.
On the downside a break of 17150-40 levels can lead to a retest of the supply zones of 16900-950 levels

Kommentar:

BANKNIFTY Futures provided a near perfect contrarian trading opportunity , though it had to be timed and jus goes on to prove that the conviction of pretrade plan is so important. Just yesterday we mentioned that 17320 is the upside. what was the high made? well 17319 today. Hence all one had to do is go ahead with the trade plan to target 1716-180 zones with a very low risk SL.
For the upcoming session the candle doesnt look promising. it will be important to see that BANKNIFTY manages to sustain above the 17140-160 levels for the upside trend to resume. This time if 17320 is crossed expect a straight away dash towards 17500 levels. On the downside a break below 17140 can mean a test of 16950-17000 zones. For the swing traders 16900 is a strong base to look for contrarian opportunities if those levels are tested.

Trade ist aktiv:

As was mentioned and discussed a short trade was taken below the levels of 17140. also the fact that BankNifty failed to cross our initial marked levels of 17250-300 provided more conviction to the trade. Hope you folks enjoyed the good run too?