Nifty Bank IndexLong
Bank Nifty Trading Strategy for 2nd Sep'2020
#banknifty OI up by 8.35% and price up by 0.24 % shows the almost neutral position in FNO.
What I mentioned on Yesterday:- "My view is LONG on the index, contrary to the majority of analysts"
We still have the upside target of 25,827, so still have 500 to 1000+ points on the upside.
Three targets are 24,526 / 25,232 / 25,827
All SL for long is revised to 23,385.
#banknifty has given breakout above 23,220 after 2 months of consolidation (21,027 - 23,211 i.e 2,184 points range).
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 23,385 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:- 23,200
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 - 25,232 (332% of wave 1) - Completed
Wave 4 :- 25,232 - 23,385 (44.7% of Wave 3) - 1847 point (we assume it's completed, if not can till 23,165.)
50% 23,559 Done
61.8% 23,164 (Might or might not be)
Wave 5 :- 23,385 - 24,526 / 25,232 / 25,827
*Wave 5 is typically 61.8%, 100%, or 123.6% of wave 4
Decision Zone 23,946- 24,143
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.
What I mentioned on Yesterday:- "My view is LONG on the index, contrary to the majority of analysts"
We still have the upside target of 25,827, so still have 500 to 1000+ points on the upside.
Three targets are 24,526 / 25,232 / 25,827
All SL for long is revised to 23,385.
#banknifty has given breakout above 23,220 after 2 months of consolidation (21,027 - 23,211 i.e 2,184 points range).
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 23,385 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:- 23,200
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 - 25,232 (332% of wave 1) - Completed
Wave 4 :- 25,232 - 23,385 (44.7% of Wave 3) - 1847 point (we assume it's completed, if not can till 23,165.)
50% 23,559 Done
61.8% 23,164 (Might or might not be)
Wave 5 :- 23,385 - 24,526 / 25,232 / 25,827
*Wave 5 is typically 61.8%, 100%, or 123.6% of wave 4
Decision Zone 23,946- 24,143
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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