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Time to Buy Bank Nifty, Technical Bounce in few Sessions

By Bhaveek Patel 3 Comments

Bank nifty future broke below 9000 level on may futures contract, but as I switch to charts I see 9000 level is 61.8% Fibonacci support level on daily charts and so I am waiting for execution of long positions in BankNifty future around 8980 – 9000 range for positional targets as 9325 and then 9400 levels, with placing stop losses just under 8925 level on 2 days closing basis. Check below chart of Banknifty for detailed analysis:

Bank nifty analysis Fibonacci Support

 

Traders may also take long positions into banking stocks such as Axis bank, Bank of Baroda and Punjab national bank as these stocks are aloo ingredients of bank nifty index, so these stocks must also attract buying. Learn technical analysis online at just Rs.3000/- One-on-One teaching.

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Category: Nifty Tags: Bank Nifty Future/ Fibonacci Level/ Technical Bounce

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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