Bank Nifty - Channel Breakout, massive OI build up.
Bank Nifty closed with a big gain today, it made a trend line breakout and closed near day's highest level.
All this is well supported by Futures' open interest buildup, we may see more upside going forward.
One can trade using bull spreads for targets of 19300, 19800 and above, in days to come.
17980 can be used as a trading stop loss for all long positions.
9EMA on 21 RSI has given a strong buy signal. Only hitch is value of RSI on daily charts is not very comfortable, but it is in uptrend and may come in comfortable position in near future.
All this is well supported by Futures' open interest buildup, we may see more upside going forward.
One can trade using bull spreads for targets of 19300, 19800 and above, in days to come.
17980 can be used as a trading stop loss for all long positions.
9EMA on 21 RSI has given a strong buy signal. Only hitch is value of RSI on daily charts is not very comfortable, but it is in uptrend and may come in comfortable position in near future.
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