Bank Nifty Intraday Trade Setup for 9th June 2020
Good Morning friends,
Yesterday we have seen a major downfall from the opening price and Index has given a good move in the downside. Our Trade setup was a 15-minute candle high and low and it's helped us a lot in yesterday's trading session and we made good money there but Index is still bullish and can be traveled 21,980 to 22,890. This 1000 Point range is the supply zone and Index must go on this level before giving a correction in the downside. This is our midterm view. but as I always said that every day is different than others so the main question is what is our today Trade setup.
Technical View
====================
The index is trading in a channel and channel since march and this channel resistance comes on 22890. A lot of confirmation in this price range such as our Harmonic XABCD pattern PRZ Area follows up with Harmonic ABCD pattern as well. Impulse waves also Indicate that the key resistance is on 22,890. Index key support is still on 20,200
Trade setup
============
Buy above: 21,550 SL: 21,230 Target : 21,740/21,980/22,140
Sell Bellow: 20,950 SL: 21,190 Target : 20,760/20,600/20,380
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take a different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
Yesterday we have seen a major downfall from the opening price and Index has given a good move in the downside. Our Trade setup was a 15-minute candle high and low and it's helped us a lot in yesterday's trading session and we made good money there but Index is still bullish and can be traveled 21,980 to 22,890. This 1000 Point range is the supply zone and Index must go on this level before giving a correction in the downside. This is our midterm view. but as I always said that every day is different than others so the main question is what is our today Trade setup.
Technical View
====================
The index is trading in a channel and channel since march and this channel resistance comes on 22890. A lot of confirmation in this price range such as our Harmonic XABCD pattern PRZ Area follows up with Harmonic ABCD pattern as well. Impulse waves also Indicate that the key resistance is on 22,890. Index key support is still on 20,200
Trade setup
============
Buy above: 21,550 SL: 21,230 Target : 21,740/21,980/22,140
Sell Bellow: 20,950 SL: 21,190 Target : 20,760/20,600/20,380
Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take a different views and opinions.
Good Luck and Happy Trading
Virendra Pandey
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