BankNifty - Break of Trendline | Short but also beware of bounce
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BankNifty has broken down from the trendline and thus we can see more sell-side action in the near future, but we also need to note that BNF has been falling continuously for the past few days and a bounce would be expected sometime soon.
Thus, we need to be careful while shorting the market at current levels and have a proper SL in place as one big bounce can do substantial damage if not careful.
The next level of support could be 22K round number followed by the previous swing lows near 21.5K and 21K level.
Those swing lows have been tested already a few times in the past and may not hold much if BNF keeps falling (as resistance tends to become weaker on each test).
The sell-side volume also has been quite good for the past few sessions that add to the adversity that BNF is currently going through.
Trade Safe!
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.” - Martin Schwartz
Before you start reading kindly hit that like button. It motivates me to keep doing such work for free.
Thanks
BankNifty has broken down from the trendline and thus we can see more sell-side action in the near future, but we also need to note that BNF has been falling continuously for the past few days and a bounce would be expected sometime soon.
Thus, we need to be careful while shorting the market at current levels and have a proper SL in place as one big bounce can do substantial damage if not careful.
The next level of support could be 22K round number followed by the previous swing lows near 21.5K and 21K level.
Those swing lows have been tested already a few times in the past and may not hold much if BNF keeps falling (as resistance tends to become weaker on each test).
The sell-side volume also has been quite good for the past few sessions that add to the adversity that BNF is currently going through.
Trade Safe!
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.” - Martin Schwartz
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.