Bank Nifty | Pre Market Report | 25 Nov ~ 29 Nov
BN ended the previous week on a positive note taking a much needed and anticipated support from the 200 DEMA.
For now, even though the intermediate trend has changed to Bullish, in my view the master trend still continues to be on the Bearish side.
So, when will that turn Bullish? When 52,400 is breached strongly on the upside.
Technically, once price crosses the Monthly Pivots which are at 51,630 we should see more Bullish bias. However, I would still like to see 52,400 to be taken out strongly which would then make BN move into a 'Buy on Dip' mode.
For the upcoming week, my view is that BN could be sideways and can face resistance around the trend line as shown which also coincides with the strong weekly resistance at 51,700.
My Plan for BN in case of a gap up opening would be to wait out for the Bulls to get exhausted and then take a reversal trade from 51,700. Till then, I would not be participating on the Long side.
In case of a Flat or Gap down opening, my plan would be to look for appropriate Bullish price action and look for a long trade if price sustains above 51,100 for a Target till 51,700.
Intraday updates will follow as and when I spot good signals. Trade Responsibly!
For now, even though the intermediate trend has changed to Bullish, in my view the master trend still continues to be on the Bearish side.
So, when will that turn Bullish? When 52,400 is breached strongly on the upside.
Technically, once price crosses the Monthly Pivots which are at 51,630 we should see more Bullish bias. However, I would still like to see 52,400 to be taken out strongly which would then make BN move into a 'Buy on Dip' mode.
For the upcoming week, my view is that BN could be sideways and can face resistance around the trend line as shown which also coincides with the strong weekly resistance at 51,700.
My Plan for BN in case of a gap up opening would be to wait out for the Bulls to get exhausted and then take a reversal trade from 51,700. Till then, I would not be participating on the Long side.
In case of a Flat or Gap down opening, my plan would be to look for appropriate Bullish price action and look for a long trade if price sustains above 51,100 for a Target till 51,700.
Intraday updates will follow as and when I spot good signals. Trade Responsibly!
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