Click the chart to enlarge
Click the chart to enlarge
In the monthly and weekly chart of Bank Nifty
16016, 12713 , 10787, 9122, 8411
All levels can be used for buy above and sell below on sustainable basis targeting the next level in long term.
I always suggest traders to trade in multiple lots and keep booking profits from few lots when ever they give adequate profits and exit the full position only, when the price comes near target level or the actual trading level where the trades were initiated .
On the monthly chart
At all above mentioned levels prices have not sustained for longer duration or say generally not closed on those levels (closed above or below that levels), so technically all of these levels are very important and traders can initiate the trade. Trades can be initiated by putting the stoploss of 2.3% of the price on sustainable basis. On monthly candle completion roughly 8 days are left. Upper side 16016 is very important level as per my study. Technicians also believe that all zero numbers like 100,200,300,400,500 (Here 16000 level) etc are itself supports or resistances.
On the weekly chart
As per weekly chart 12713 is very important level as roughly three times market tried to breach that level on sustainable basis but failed to breach and finally breached the level in 4th attempt. Near this level 10 MA support is also seen.
Recent Trading Strategy
At present trading range is very big as last month was the election month and huge volatility was there. Trading range is between 16016 - 12713. It is expected that, what ever level will be breached, major trend will be roughly on that side minimum for next 5 months by making the mental stoploss of another side. At present, it is in consolidation which can be seen in the the weekly chart. Any one can play in the weekly range or sell with the stoploss of mentioned level till any breakout. It is expected that june month will be a red monthly candle month other wise chances are very bright that july month will be a red monthly candle month.
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