Bank Nifty looks holding its Bullish Structure
Updated
BN Chart Study on 15 minutes TF
BN Chart Study on 5minutes TF with VWAP
* Opening of BN was so committed that its opening price becomes the Day's Low (It's sign of strength and bullishness)
* When we set the pattern and waited for breakout, during that period it consolidated over low volume.
* If you see the 12 o'clock WRC, you can see a good volume expansion as well.
* Throughout the whole day, 12 o'clock candle's mid point or its low was never penetrated. (its shows sign of strength and Bullishness)
* At the upper territory, BN was taking a supply but that was not strong to take it back to VWAP level
* VWAP level was never touched after 12 o'clock and we can see a good structure formed.
BANKNIFTY1!
- While opening today, BN price jumped off from yesterday closing area i.e. S&D Area-1.
- It consolidated little in S&D area-2 and then moved out to open area.
- It got the similar force of supply which it has seen on 12th & 13th.
- If you compare the price structure of today with previous day's, it looks like similar except the continuous attempt to be close to the supply pipeline.
BN Chart Study on 5minutes TF with VWAP
* Opening of BN was so committed that its opening price becomes the Day's Low (It's sign of strength and bullishness)
* When we set the pattern and waited for breakout, during that period it consolidated over low volume.
* If you see the 12 o'clock WRC, you can see a good volume expansion as well.
* Throughout the whole day, 12 o'clock candle's mid point or its low was never penetrated. (its shows sign of strength and Bullishness)
* At the upper territory, BN was taking a supply but that was not strong to take it back to VWAP level
* VWAP level was never touched after 12 o'clock and we can see a good structure formed.
BANKNIFTY1!Note
Study worked and Bank Nifty closes 3.12% up!!!Note
3:19 PM IST - You can see that since 2 days, Bank Nifty is testing VWAP and trading just above to it. Refer this screen-shot:
- 24450 is acting as an important S&D Area.
- Price roaming near VWAP gives a hint that we may see a pullback structure forming before moving ahead.
- Still Structure is bullish until unless a new Bearish structure is not formed.
Note
- 23561, I posted Bullish view on BN, today it made 24810 ( around +1250 points)
- Today It moved ahead from our marked 24500 S&D area.
- This gives us a good opportunities as we still have Bullish structure and view (till it remain in structure and not formed a bearish structure, even before bearish structure, we will consider it as Pullback structure till the shifting)
- Let's keep eye on it.
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Note
Don't be over excited and reactive but trade on your own setup's Levels based on the Price Structure.Note
Note
Note
As stated earlier that Bank Nifty structure looks Bullish on higher time-frame, today Bank Nifty moved high and reached at the previous high levelNote
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