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BankNifty - Technical Analysis - Long

Hi Guys,

Please find the detailed analysis of my view in Bank Nifty!!!

Time Frame of Chart - Daily
Market Structure - Advance
Swing Point - Swing Low to Swing High
Last Line of Defense is Braked ? No
What Type of Trend? Strong Trend - Healthy Trend - EMA50
ATR Volatility? Down
CPR? - Bullish Bias
What type of CPR? Extreme Narrow
Previous Virgin CPR is there? NO
Trend: Bullish
Chart Pattern: Triangle
Build Up happened before /after the breakout of the Chart Pattern? Yes At Resistance
Breakout Happened? No
Breakout Happened with god volume in Chart Pattern? Not Applicable
Post Breakout Next Candle in-line with breakout candle? Not Applicable
Retest Happened? No
Whether Breakout happened near the CPR? Not Applicable
Post Retest Any Candlestick Pattern Found Inline With? Not Applicable
In Area of Value whether any trend continuation pattern Found? No

Support: 35578.70,34818.25 and 33500
Resistance: - 36000 and 37733

Trading:

Buy : Above 36000 ( Closes Above Daily TF)
SL - 35498 ( Closes Below Daily in TF)
Target - 37700 ( Based on Fib Extn)
Risk: 502
Reward: 1700
Ratio: 1:3.39

Trade is Favorable ? Yes

Regards,
Thenali Views.
Disclaimer: Kindly do your own analysis before executing the trade or contact
your financial advisor