As discussed yesterday we were expecting Bank Nifty may go in short position. But the short sell level 17460 of banknifty did not came. As per daily price chart of banknifty buy price pattern is generated on 14/11/2014 . I am going to trade intraday long position only when bank nifty will break above 17715 and i will take short position only if bank nifty breaks below 17460 level.
Bank Nifty Chart on 17 th November is as shown below
If the trade get reversed I will exit the trade by taking a Stop Loss of 70 Points and my target for this banknifty trade is at least 100 points from my buying level of 17710 . Same target and stop loss for sell position. I will use Stop Loss trailing method to book maximum profit .
Summary -As shown in Bank Nifty Chart above it did not break 17715 in the expected market time . The desired point 17715 break at 3.15 pm very close to the market closing time , therefore it was supposed not to trade intraday at 3.20 pm . I did not got the trade.
Happy Trading .