BankNifty Ascending Triangle Pattern - Long

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Hi Friends,

Pranam!!

We are going to analysis the BankNifty FUT with a weight average of the Big boss's
( Top 5 Weightages of Bank Nifty - HDFCBANK+ICICIBANK+AXISBANK+KOTAKBANK+SBI)

1. Support and Resistance:

D(Daily TF), W(Weekly TF) and H (2Hr TF)

Horizontal Support Horizontal Resistance

34271-34674.50(D) 36341-36595 and 37770(D,W,H)
33892(W) 36127-36630
34273-34466(H) 36981(H)
35199-35374(H) 36242(H)
36264-36508(H)

EMA50-EMA79(MA), Trendline(TL)

Dynamic Support

26633-26965(MA)
35330-35753(MA)
36271-36475(MA)
36000-36100(TL)

Weekly S&R
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Daily TF:

The index was formed in ascending triangle pattern where Higher High and Higher Lows are formed
and It was now broken with a buildup.
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The trend of index was in Long term Bullish. The index was currently taking the dynamic support and formed a buildup.
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MACD Indicator of D,W and H was flat and shows the sign of bullishness
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Stochastic RSI of weekly at overbought range of 84 and dailyTF was in the range of 78 which nearing the overbought range
whereas the 2hr TF was in the oversold range
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CPR was in the bullish bias compared to the previous month but it was average cpr range.
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ATR Volatility of D, W and H chart was in the Down.
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2HR TF was also evidencing a inverted H&S Pattern which was in the uptrend of the index with a buildup.
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Weightage Stock of the BankNifty:

Top stock of the BankNifty weightage show the script was in the uptrend and the index was evidence in the double bottom and neckline of the weightage stock was also broken.
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Based on the above analysis we conclude that the BankNifty was in the bullish.

ENTRY - CMP or in the support zone
SL - 36250-1ATR of Daily TF
Target - 377001st and trail your stop loss

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トレード終了: 利益確定目標に到達
Target Achieved....
Refer our Analysis.
Book Profit... And trail Your SL
Chart PatternsTechnical IndicatorsTrend Analysis

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