Price Action Analysis

Bank nifty has been following this up trend line since 22-05-2020.

1. Total 7 test, current test if 7th one.

2. Out of past 6 times it sustained below trend line only 1 time and that too reversed in some time.

3. Out of past 6 times 5 times it didnt sustain below the trend line and made new high later.

4. Our expectation is of same pattern to continue, that is this trend line holds and we make a new high subsequently without breaking current low.

Trade Setup -

1. Buy - Above 38730, stop 38200, Target - 40000, 41800.

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