Banknifty View - 14 December 2023

Banknifty is clearly showing bullishness. I've marked the important levels on the chart.
I will be buying only after a retracement. Only an upward move without retracement is not a sustained movement.

Banknifty has given a breakout in the daily frame.

Sideways - 47386 to 47572
Bullish above 47572 with targets 47731, 47830 and 47989
Bearish below 47386 with target 47240 (highly unlikely)

Trade aktif:

Targets for the day reached while typing the idea. I shall reenter only on retracement.

Komentar:

If BNF sustains above 47945 and moves after consolidating, only then I shall reenter longs. I'm skeptical about entering a move without any retracement or consolidation.

However, I shall reenter if it reaches 47739, as it is a good level for optimal R:R

Komentar:

BNF is retracing.

A learning moment:

Why is such a fall/consolidation necessary -
The idea is simple - market movers are bulls and bears. When an excellent move happens in the opposite direction, they will want to dump, and the other party also supports this to create artificial buying/selling pressure. Once everything is clear the movement can resume. Also, it should be followed with a consolidation for obvious reasons.

Trade aktif:

rentering

Komentar:

It was briefly stopped due to a bad entry price in BNF. Back in green. Will book half at 10-20 points away from T2 i.e. around 48880.

Komentar:

Once 47860 crosses, we can see gamma.

Komentar:

Currently, at no loss or profit. The lower Bolinger band should act as support for mean reversal. The move can be any side now. However, before that Bollinger bands should expand.

Komentar:

BNF 47900 is trading between 300 and 320. If it breaks out above 320 I will enter

Komentar:

Still not entered as I've not got a closing above it

Komentar:

Booked and now selling. I will not be buying anymore. 47860 and 47919 are bigger resistances.