BankNifty - Bull Channel with Risk:Reward = 1:2.5
Updated
BankNifty is overall bullish from longterm perceptive. From the 2hr Chart, we see that the BankNifty is trading in Bull Channel . This kind of setup is best for positional/ Swing F/O traders as we can make money on upside and downside.
Last week, BankNifty touched the lower trendlines and supported bears for a while. But, It holded the support of the lowest trendline drawn and bulls are back in control.
Currently, BankNifty is holding the lower trendline and attempting the move towards the upper trendline.
Below 34950, it can touch 34700 and bounce back to upper trendline.
Above 35150, i will take 35300 calls for this week expiry and 35500 and 36000 calls next week expiry.
This is a Risk/Reward ratio of 1:2.50 trade. Intraday traders can make money on any dips on any day for next two weeks.
DISCLAIMER: ALL POSTS ARE EDUCATIONAL PURPOSES.WE ARE NOT RESPONSIBLE FOR UR PROFIT/LOSS
Last week, BankNifty touched the lower trendlines and supported bears for a while. But, It holded the support of the lowest trendline drawn and bulls are back in control.
Currently, BankNifty is holding the lower trendline and attempting the move towards the upper trendline.
Below 34950, it can touch 34700 and bounce back to upper trendline.
Above 35150, i will take 35300 calls for this week expiry and 35500 and 36000 calls next week expiry.
This is a Risk/Reward ratio of 1:2.50 trade. Intraday traders can make money on any dips on any day for next two weeks.
DISCLAIMER: ALL POSTS ARE EDUCATIONAL PURPOSES.WE ARE NOT RESPONSIBLE FOR UR PROFIT/LOSS
Comment
BankNifty is just channeling between those two trendlines in the above chart. You can also grab puts and calls intraday using those trendlines.
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