BankNifty Drops! TP1 Hit as Short Trade Gains Momentum

17 oct

On 17th October, BankNifty presented an opportunity for a short trade following an indecisive first 15-minute candle. The second 15-minute candle provided a clear bearish signal, prompting us to enter the short position at 51615.15. The price has already reached Take Profit 1 (TP1), confirming the initial strength of the bearish move.

Key Levels

• Entry: 51615.15 – The short trade was initiated here after confirming the bearish momentum.
  
• Stop-Loss (SL): 51823.35 – Positioned above recent resistance to protect against potential reversals.
  
• Take Profit 1 (TP1): 51357.75 – Already achieved, indicating a successful start to the trade.
  
• Take Profit 2 (TP2): 50941.30 – The next target as the downward momentum continues.
  
• Take Profit 3 (TP3): 50524.85 – A further downside target if selling pressure holds.
  
• Take Profit 4 (TP4): 50267.45 – The ultimate target, signaling a significant decline if the trend persists.
  

Trend Analysis
The price has moved below the Risological Dotted trendline, confirming a strong bearish trend. With TP1 already hit, further downside movement appears likely as sellers remain in control.

The short trade on BankNifty has made a solid start, with TP1 at 51357.75 already reached. The bearish trend suggests that the next targets could be met as momentum remains in favor of the sellers.