24 may 2021 BANKNIFTY FUT

 

Above is 15 Min intraday chart of Bank nifty fut. Once it start settling below 3800-34780, we can expect some dip. There is no point to short above support. 

Its a LION HEARTED trade for the day. 

I have 33500pe bought @ 113 on Friday and same qty added @ 48 today. It's a undesired averaging on resistance. Only good thing is that I added only a small qty deal.  

NIFTY 24 MAY 2021 : CAUTION ADVISED UNLESS FEW MORE STRONG CLOSE

 

Look at above chart. It has formed rising wedge and we are on at higher side of trendline. Rising wedge advising caution at these levels. Here again we have two possibilities. 

First, as usual, market should retrace from here and take support a1 14800 levels. This to make band narrower. So, today's close is important. 

Secondly, Market take cues from momentum and stay higher to challenge for new high. As market moved higher in concluding hour trade of last week so this is a strong possibility. Market may say, do hell with patterns and divergence. 

The market which moves against RSI divergence has a history of being strongly one sided, does not matter up or down. 

I will wait- watch for first 15 minutes of trade to take direction. One this is for sure day will be impressive. 

Disclosure - I am some BANKNIFTY 33500 PE which I added in last 30 minutes of trade on Friday out of adventure. If market remains against my expectation of fall, I will take my loss.