Bank Nifty Forecast according to Price Action Method.
As seen in the daily price chart of Bank nifty it is seen that it is at the top resistance level. It is seen that the volatility is decreased and there was a Doji formation on 18 th November which might be a reversal signal for some quantity of retracement.
Daily Price chart of Banknifty as on 19th November
As seen in the above price chart I am going to trade intraday in Banknifty tomorrow i e on 20 th November. I will be in a short position only if banknifty breaks 17585 level . My target for this trade will be minimum 100 points below from my selling level and my stop loss for this trade will be 70 points above the selling level.
Bank Nifty Forecast update Summary for 20 th November – Bank nifty break 17585 level, I was in a short position. It moved down and made a low of 15565 , but i was expecting 100 points . My stop Loss of 70 points got triggered.