Bank of Baroda breakout Bank of Baroda Breakout after a long consolidation gave a huge breakout , which is an indication that some big players have entered the game. One can go long over retracement on the breakout level.
This is just a study.
Bankniftytrendanalysis
BankNifty Trade Setup [31 Aug 2020]BankNifty Index view on 31st Aug 2020
Bullish view: If price stays above the brown trendline, then look for buying opporunity only. Enter only if it comes near the trendline and support level (Blue Horizontal Line). Look for price rejection near the key support zone.
Support Zone: 24390-24420
Bearish view: If price breaks the brown trendline alongwith blue support line and retest the trendline again, then look for shorting opportunity. Look for price rejection near the key resistance levels
Resistance Zone: 24390-24420
My Personal View: BankNifty likely to retest the trendline and may respect it. So, my view is bullish and I will wait for the retracement to enter.
BANKNIFTY Fibonacci RetracementHi There! We can observe a channel pattern here which is respected from the beginning of June.
As you can see, BANKNIFTY tried to break the 50% level but was rejected and fell to 75% retracement level.
It could try to retrace again tomorrow (at least to 61.8% - around 200 points) but could fail again as the contracts expire tomorrow and there could be profit booking (the trend was mainly bullish for last 3 months). Also, There is some indecisiveness as we see a doji pattern forming on the daily chart today. We can take up trades based on the direction the market takes tomorrow and considering above points.
DISCLAIMER: This is only my analysis and not my advice/recommendation to trade. Please bear in mind that your call to trade is at your own risk.
