BANK NIFTY - Potential Bullish Move on Bullish Harami Formation
On the daily chart, a Bullish Harami pattern has formed, signaling a potential reversal after the recent downtrend. Here's my plan for this setup:
Entry: I'll be waiting for a 15-minute candle to break above the Entry Zone (51,784.80) . The high of that 15-minute candle will be my actual entry point.
Stop Loss: If any 15-minute candle closes below 50,194.30, I'll exit the trade to protect capital.
Target 1: 52,604.95 (First resistance)
Target 2: 53,375.30 (1:1 risk-reward)
Target 3: 54,965.80 / 54,840.50 (Major resistance area)
I'm watching for a breakout above the entry zone, ideally with strong volume for confirmation. The key here will be holding above the entry zone and making progress toward Target 1. If that happens, I’ll evaluate momentum for potential continuation toward Target 2 and Target 3.
As always, managing risk is crucial. If the price closes below the stop loss level on a 15-minute candle, I'll close the position. Let’s see how this setup plays out!
Disclaimer: This is not any financial advice, and for education purpose only.
