NSE: Banknifty Weekend wrapup 18-Apr20

Daily timeframe

  • BNF is in a range.
  • Banknifty daily is near an important Resistence. Failure to break it will result in reversal.
  • Upmove look weak.
  • Overall Direction is up.We dont fight direction and let price confirm direction

60 min timeframe

  • The range is clear in 60 TF
  • We wait for market to give further direction
  • Price action at resistance will be important.

15min timeframe

  • 15 timeframe shows direction to be up.
  • No clear trend formation.
  • Typical range moves happening.

Overall, a range is clear. Direction is up. Our Levels of higher timeframe are marked. we dont fight direction nor do we take counter trades. We let institutions to leave their footprints. We follow their direction and we take trades as per our strategy.

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Rikk

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