BANK NIFTY 4 FEB LEVELS
Trade Idea for Friday 4 February
* Bank Nifty has formed an Indise Bar Bearish candle on Daily chart. I see a bearish day followed. Disclaimer- watch global queues on the morning and trade on Price action in live chart
1. Based on what was shared yesterday one trade opportunity at 39150 for a 300 point move. Please check yesterday 2nd Feb blog idea. (4. "If Bank Nifty sustains 39200 and 39150 Support levels then we can see upside moves of target 39445/ 39500 and 39680 levels"). First target achieved. When 39200 level sustained the idea was to go long
2. However the Global queues opened negative in the morning with Asia stocks all in Red including Hongkong index. Perhaps Dow jones futures was trading negative then
3. Market closed negative with 50 Moving average crossover 20. BN will see a dip before reversal. Support Levels marked at 38750 and 38573 and 38361
FII have sold -1597 Cr and DII too -371
FII have also sold Futures
I will look for price action/reaction at the levels marked.
Bank Nifty Options is the most volatile instrument to trade on intraday especially for Option buyers
* Bank Nifty has formed an Indise Bar Bearish candle on Daily chart. I see a bearish day followed. Disclaimer- watch global queues on the morning and trade on Price action in live chart
1. Based on what was shared yesterday one trade opportunity at 39150 for a 300 point move. Please check yesterday 2nd Feb blog idea. (4. "If Bank Nifty sustains 39200 and 39150 Support levels then we can see upside moves of target 39445/ 39500 and 39680 levels"). First target achieved. When 39200 level sustained the idea was to go long
2. However the Global queues opened negative in the morning with Asia stocks all in Red including Hongkong index. Perhaps Dow jones futures was trading negative then
3. Market closed negative with 50 Moving average crossover 20. BN will see a dip before reversal. Support Levels marked at 38750 and 38573 and 38361
FII have sold -1597 Cr and DII too -371
FII have also sold Futures
I will look for price action/reaction at the levels marked.
Bank Nifty Options is the most volatile instrument to trade on intraday especially for Option buyers
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