Nifty Bank IndexLong
Bank Nifty Trading Strategy for 6th Sep'2020
Updated
#banknifty OI down by -11.44% and price up by +0.56 %, which indicates short-covering.
FII bought 236.71 Cr & DII sold 471.56 Cr, DII is selling for the last two days and FII buying intensity has reduced, which indicates capped upside.
FII & PRO:- Index Long
DII & Retail:- Index Short
Overall neutral.
Decision Zone 22,359- 22,506 below is bearish, and above is bullish.
Long SL is 21,811.
Medium Trend Reversal Level:- 23,388
I posted on Friday:-"The price is expected to reverse from PRZ 22,545 - 22,659 (Don't short blindly, until you see price action reversal signal)"
Price reversed and made a low of 22,247.
We seem to be on wave 5, which might have an upside target of 22,890 - 23,090.
Positional Sell is only below 22,811.
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.
FII bought 236.71 Cr & DII sold 471.56 Cr, DII is selling for the last two days and FII buying intensity has reduced, which indicates capped upside.
FII & PRO:- Index Long
DII & Retail:- Index Short
Overall neutral.
Decision Zone 22,359- 22,506 below is bearish, and above is bullish.
Long SL is 21,811.
Medium Trend Reversal Level:- 23,388
I posted on Friday:-"The price is expected to reverse from PRZ 22,545 - 22,659 (Don't short blindly, until you see price action reversal signal)"
Price reversed and made a low of 22,247.
We seem to be on wave 5, which might have an upside target of 22,890 - 23,090.
Positional Sell is only below 22,811.
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.
Trade closed: target reached
22890 done
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