Bank Nifty Trading Strategy for next week 28th Sep - 1st Oct
Updated
#banknifty view for next week 28th Sep - 1st Oct
On 22nd May, BN started the move from 17,105 and took 101 days to reach 25,232 on 31st Aug, an up move of 8115 points.
From 31st Aug to 24th Sep, BN corrected by 4827 points (corrected more than 61.8%) in a matter of 25 days.
Banknifty has broken the uptrend channel around 21,750 levels and also broke the last major support of 21,000 during this fall.
All the momentum oscillators have gone into the oversold regions and today's bounce was more in line as expected.
During this fall, it has completed two downsize targets of 21,047 & 20,468, and the rest of the downside targets are still open
20,061 / 19,654 / 19,151 / 18,338.
Their needs to have some time or price correction to happen before the next round of fall, the upside extends up to 21,400 / 21,600 / 21,750 and can even extend up to 22,127.
The trend remains bearish and trend reversal starts only above 22,200 levels.
Trading Strategy:- During the initial part of the week, use dips to go long for pullback trades, but the ultimate trade is to open fresh positional short at higher levels for much lower targets.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
On 22nd May, BN started the move from 17,105 and took 101 days to reach 25,232 on 31st Aug, an up move of 8115 points.
From 31st Aug to 24th Sep, BN corrected by 4827 points (corrected more than 61.8%) in a matter of 25 days.
Banknifty has broken the uptrend channel around 21,750 levels and also broke the last major support of 21,000 during this fall.
All the momentum oscillators have gone into the oversold regions and today's bounce was more in line as expected.
During this fall, it has completed two downsize targets of 21,047 & 20,468, and the rest of the downside targets are still open
20,061 / 19,654 / 19,151 / 18,338.
Their needs to have some time or price correction to happen before the next round of fall, the upside extends up to 21,400 / 21,600 / 21,750 and can even extend up to 22,127.
The trend remains bearish and trend reversal starts only above 22,200 levels.
Trading Strategy:- During the initial part of the week, use dips to go long for pullback trades, but the ultimate trade is to open fresh positional short at higher levels for much lower targets.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Note
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.