Bank Nifty Trading on Positive Note
We are tracking and following the Bank Nifty moves from the last three weeks.
First, Second, and third, as discussed in the last third post, Bank Nifty can again fall back to lower levels if it gets close to below 30500.
Bank Nifty went below 30500 but did not give any close below it. Hence, it was a clear signal that the Bulls could take charge.
The opportunity was right to go long, once the hourly chart gave the signal for BUY.
At present Bank, Nifty is trading on a strong positive note. We must look 31500 levels as Pointer for the further rise in the current swing.
Above 31500 we can see the rise towards 31715/31920/32150 price levels.
On the lower side, we need to keep an eye on 30970, as below that we can see a slide of 500-600 points.
As a trader, we just need to keep our eyes open to see the best possible opportunities.
Like last week, when Bank Nifty failed to close below 30500 and started rising, it was an excellent opportunity to trade for almost 1000 points up-side.
The one such signal on the chart came at the Break of the Orange oval area. Our ‘Kinship’ trading method alerts us well about this change in the 1000-point rally.
At the End of the day, our main aim as traders is to make safe and profitable trades.
The profitable trades can be of either side; our goal is only to make profits by locating optimal entries on the market trend side.
