Bank Nifty Re-visiting it’s Old Pivot Point

...Bank Nifty Trading on Positive Note

We are tracking and following the Bank Nifty moves from the last three weeks.

First, Second, In the last third post, we discussed. Bank Nifty can again fall back, to the lower levels, If it gets close below 30500 levels.

Bank Nifty went below 30500 but did not give any close below it. Hence, it was a clear signal that the Bulls can take charge.

The opportunity was right to go long, once the hourly chart gave the signal for BUY.

At present Bank, Nifty is trading on a strong positive note. We must look 31500 levels as Pointer for the further rise in the current swing.

Above 31500 we can see the rise towards 31715/31920/32150 price levels.

On the lower side, we need to keep an eye on 30970, as below that we can see a slide of 500-600 points.

As a trader, we must need to keep our eyes open to seeing the best possible opportunities.

Like last week when Bank Nifty failed to, close below 30500, and started rising. It was an excellent opportunity to trade for almost 1000 points up-side.

The one such signal on the chart came at Break of Orange oval area. Our ‘Kinship’ trading method alert us well about this change of 1000 points rally.

At the End of the day as a trader, our main aim is to make safe and profitable trades.

The profitable trades can be of either side; our goal is only to make profits by locating optimal entries on the market trend side.

About the author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.