Bank Nifty has given first sign of profit booking at 10900 levels. Cross of 10920 I will book partial profits.
Can book 75% profits at these levels (10920) as there are 2 or more signals to book profits.
Nifty also half profits were booked at 5845 levels. Post Here. How foolish I am as the signal came at 5825 levels.
The major signs for profit booking are:
1. Sustaining above the opening top also called ORB i.e. Opening Range Breakout.
2. RSI Divergence on hourly charts combined with RSI now moving to 40 levels.
What to do from here:
Watch if there is any weakness at the 11000 levels for Bank Nifty and 5925 levels for Nifty or if hourly RSI turns down at reaching 40 levels.
It does not mean that I expect the indices to reach those levels but those are strong resistance so any reversal at those can be shorted.
That point shorts can be further added.
Bank Nifty 75% profit booked @ 10920 levels
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