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Bank Nifty closed at a new lifetime high!
Last Updated: 21st September 2022 - 09:18 am
Bank Nifty on Tuesday advanced 1.38% and it has closed at a new lifetime high. It opened with a positive gap and sustained above the gap. However, it moved in a range and formed a small body candle. The last three candles look similar quite similar in structural aspects as all three candles have shadows and a body that is relatively small in size. The day trading range has shrunk as the market is awaiting the outcome of the event from the US, which is scheduled this week. On an hourly chart, the index has formed a double-top kind of pattern. In any case, the index fails to move above Tuesday's high of 41678, and on the downside, it closes below the level 40500, we can see the trend reversal. As of now, there are no bearish signals. The RSI has moved above its nine periods average. There is a negative divergence in RSI and MACD. Let us wait for the event risks and market reaction. By this weekend, we may know the actual implications of central bank actions and we can place our positions accordingly. Till then, stay light on position and don't take over the leveraged position.
Strategy for the day
Bank Nifty has declined in the last hour of the trade and it has formed a small body bullish candle. A move above the level of 41480 is positive, and it can test the level of 41735 on the upside. Maintain a stop loss at the level of 41400. Above the level of 41735 continue with a trailing stop loss. But, a move below the level of 41335 is negative for index, and it can test the level of 41100 on the downside. Maintain a stop loss at the level of 41442. Below 41100, continue with a trailing stop loss.
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