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A Trading Opportunity for Bank Nifty Traders

Jun 8, 2022

The Bank Nifty index saw bullish momentum in the second half of the May series and outperformed the Nifty 50 index.

The tide has changed in June so far as the Nifty is outperforming Bank Nifty index.

The Bank Nifty retraced back to 35,000 levels from the high of 36,083 to re-test multiple technical patterns.

As things stand now, the charts are suggesting there's an opportunity for the bulls in the 34,700-35,000 zone.

Bank Nifty Index Daily Chart

 

An inverted head and shoulder (iH&S) breakout is visible on the short-term charts at 34,800 after reversing from the bullish harmonic at 33,200.

The retest of iH&S is an opportunity for bulls offering the best risk-reward trade setup.

Additionally, the gap area of 34,800-35,130 will add the layer of support for the bulls.

Stochastic, the momentum indicator, has slipped into the oversold zone indicating a pause to the recent downward move from 36,000-34,800.

The bulls should grab this opportunity as the zone of 34,700-35,000 will act as a demand zone.

At present, the Bank Nifty index is trading up by 1% at 35,350 levels.

I'll share more on his trend on my Telegram group. If you're interested in being part of my charting journey as I share how to create wealth from profitable trade setups, join my telegram channel - Fast Profits Daily.

In the meantime, do check out the below video where I explain why banking stocks are the best stocks to trade right now.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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