Bank nifty 39300 levels Soon Good short Opportunity

Now let’s review the market move that happened last week and how did the market move. This is bank nifty chart on the daily time frame. I am purposely analysing the chart on the higher time frame that is Daily to give you an insight into the market and what will be my trading plan for the next week.
Now when you see the chart of the bank nifty we had regained a bullish momentum on the daily time frame and bank nifty has moved from the zone of support that was 39,300 levels to 40,800 levels where we gave closing in the last trading session. Now the question most of the traders will be considering is that will this bullish momentum sustain and or we will again come in the grip of the bears and the market will reverse.
Now for my trading plan I have marked the bearish trend line on the chart. As per my analysis the market is still in the grip of the bears and till be give a closing above 41500 levels on the daily closing basis. we will remain bearish. Now why I am saying this? Please see carefully on the chart – we will hit a zone of resistance at 41,300 levels on the daily time frame. This zone of resistance is Gap resistance also. Unless bank nifty breaks these levels and closes above the zone of resistance we will remain bearish and I will enter a bearish trade when bank nifty approaches the zone of resistance at 41,300 to 41400 levels. The stop loss for bearish trades will be above 41,600 levels.
My target for bearish trades will be at 40,300 levels – that is a gains of 1000 points with a small stop loss – this is an amazing risk reward ration. What you say?
Friends a limited scope exists for long trades as we are in the zone of resistance and no clear bullish move is expected over the next week unless we break 41,400 levels on the daily closing basis. Rest I will keep you updating on the levels of trading and my trading plan as the market moves.
Dear friends, till the time bank nifty sustains below this bearish trend line we will witness more correction in the market. My view will become invalid only when bank nifty reverses and gives a closing on daily closing basis above 41400 levels. So, the major trend of the market is bearish and as per the teachings of the technical analysis we always trade in the direction of the major market trend.
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