Waiting for triangle pattern breakout, i will take a trade after trend line breakout and will keep a stop loss below the breakout candle (with a buffer of 0.5%) and will book profit with RR - 1:2
Nifty and BN both are forming triangle pattern in 1hour time frame, will take a trade after breakout.
Excepting on long side as over all trend is still seen as a uptrend. Breaking triangle pattern on up side will have more potential move further upside than down side.
However, will wait until the breakout happen.
Bank nifty Support and resistance...
If there is trend line break out or any signs of bearish candles near 44500 - 44550 then we can expect a Pull back to Strong support zone's marked above.
Technical analysis used
1. Fib retracement
2. RSI divergence
3. Trend line
