Bank Nifty : Weekly Set-Up

Date 13.10.2024
Bank Nifty (Spot)
Timeframe : 1 Hr

Remarks :

1 Chart pattern : Ascending triangle

2 Neckline = 51650 = Breakout

3 Longs only once bank nifty crosses neckline or open above neckline as gap up

4 In that case keep stoploss below neckline

5 Target 1 200 ema = 38% of Fibonacci

6 Target 2 will be 50% of Fibonacci

7 *Note = These are not simple Fibonacci sequence these are wave 5 extension Fibonacci distribution therefore keep these levels seriously as support & resistance

8 When Bank Nifty reaches at 38% or 50% of extension distribution keep observing RSI that time for any negative divergence or reaching overbought zone

Regards,
Ankur