Bank Nifty Trading Strategy for 31th Aug'2020
#banknifty OI up by 16.76% and price up by 3.91 % shows long buildup.
You still have 1000 to 1500 more point rally to grab, but we have stretched too far, we need to cool down to 23,500-23,600 range to add fresh long.
#banknifty has given breakout above 23,220 after 2 months of consolidation (21,027 - 23,211 i.e 2,184 points range).
This gives an upside target of 25,395.
Upside target's opened are 23,517 (completed)/ 24,364-24,524-24-556(completed) / 25,395-25,670-25,923 / 26,311 as long as 23,517 holds.
GAP 25,923 - 25,670, 253 point gap in March, as a normal rule market always returns to fill up the gap.
This gap will also act as resistance.
Fibonachi Analysis :- 32,613 - 16,116
23.6% 20,009 Done
38.2% 22,418 Done
50.0% 24,364 Done
61.8% 26,311 Pending
Strong Resistance:- 24,364 - 24,556
Strong Resistance:- 25,670 - 25,923
Strong Support:- 23,500
Elliot Wave:-
Wave 3 can be 161.8% to 261.8% or 461.8%
Wave 1 :- 21,403 - 22,410
Wave 2 :- 22,410 - 21,886
Wave 3 :- 21,886 - 24,611 (270% of wave 1) - In progress
161.8% : 23,517 -Done
261.8% : 24,524 -Done
361.8% : 25,532 - Pending (low probability less than 10%).
Wave 4: 38.2 to 61.8 % wave 3 i.e. 23,570 (assumption)
Wave 5: Not started
Decision zone:- 23,517 - 23,684
The chart is all green everywhere, all greenery.
Note:- Trade the levels, levels are staircase, you take small steps to go ahead.
Trade what you see, not what you feel, trading is all about making money and nothing else.
You still have 1000 to 1500 more point rally to grab, but we have stretched too far, we need to cool down to 23,500-23,600 range to add fresh long.
#banknifty has given breakout above 23,220 after 2 months of consolidation (21,027 - 23,211 i.e 2,184 points range).
This gives an upside target of 25,395.
Upside target's opened are 23,517 (completed)/ 24,364-24,524-24-556(completed) / 25,395-25,670-25,923 / 26,311 as long as 23,517 holds.
GAP 25,923 - 25,670, 253 point gap in March, as a normal rule market always returns to fill up the gap.
This gap will also act as resistance.
Fibonachi Analysis :- 32,613 - 16,116
23.6% 20,009 Done
38.2% 22,418 Done
50.0% 24,364 Done
61.8% 26,311 Pending
Strong Resistance:- 24,364 - 24,556
Strong Resistance:- 25,670 - 25,923
Strong Support:- 23,500
Elliot Wave:-
Wave 3 can be 161.8% to 261.8% or 461.8%
Wave 1 :- 21,403 - 22,410
Wave 2 :- 22,410 - 21,886
Wave 3 :- 21,886 - 24,611 (270% of wave 1) - In progress
161.8% : 23,517 -Done
261.8% : 24,524 -Done
361.8% : 25,532 - Pending (low probability less than 10%).
Wave 4: 38.2 to 61.8 % wave 3 i.e. 23,570 (assumption)
Wave 5: Not started
Decision zone:- 23,517 - 23,684
The chart is all green everywhere, all greenery.
Note:- Trade the levels, levels are staircase, you take small steps to go ahead.
Trade what you see, not what you feel, trading is all about making money and nothing else.
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