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Bank Nifty Trading Strategy for 1th Sep'2020#banknifty OI up by 2.44% and price down by 3.14 % shows the almost neutral position on FNO My view is LONG on index, contratory to majority of analyst. What I mentioned on Saturday:- "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" The index cooled down as expected, made low of 23,385. 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 23,090. #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 and we have a high of 25,232 (again achieved) 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:- 23,200 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:- 23,517 - 23,684 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.
NSE:BANKNIFTYLong
by subhagghosh
10
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.
NSE:BANKNIFTY
by subhagghosh
1
Bank Nifty Trading Strategy for 28th Aug'2020#banknifty OI down by 11.93% and price up by 0.80 % shows short covering. You still have 2000 more point rally to grab. #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 / 25,395-25,670-25,923 / 26,311 as long as 22,410 holds. GAP 25,923 - 25,670, 253 point gap in the month of 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 Pending 61.8% 26,311 Pending Strong Resistance:- 24,364 - 24,556 Strong Resistance:- 25,670 - 25,923 Strong Support:- 22,410 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 - 23,704 (1.80 of wave 1) - In progress 161.8% : 23,517 -Done 261.8% : 24,524 -Pending Wave 4: Not started Wave 5: Not started Decision zone:- 23,554 - 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.
NSE:BANKNIFTYLong
by subhagghosh
9
Expiry Special Analysis for 27th Aug'2020.#banknifty OI 12% and price up by 1.39 % shows long buildups. Now Every Resistance that we had, has turned into support. Upside target's opened are 23,568 / 24,284 / 24,328 / 24,556 as long as 22,410 holds. Will I short in this market? Yes, below 23,198 I will short. Elliot Wave:- Wave 1 :- 21,403 - 22,410 Wave 2 :- 22,410 - 21,901 Wave 3 :- 21,901 - 23,568 (1.618 of wave 1) - In progress. Wave 4: 23,568 - 23,210 - Not started Wave 5 : 23,210 - 24,328 - Not srarted Now the question is where the setup will fail? If #banknifty breaks 22,410 the setup fails. Decision zone:- 23,322 - 23,198
NSE:BANKNIFTY
by subhagghosh
5
Bank Nifty Trading Strategy for 24th Aug'2020#banknifty setup is neutral, the broader range is 23,200 to 21,000 for the last 2 months. The last 3 days' market was in a tight range and almost no movement. Wednesday 185 point range. Thursday 193 point range. Friday 179 point range. i.e. 0.84% intraday movement. With so little volatility, it's impossible to trade and make money. As per the harmonic pattern, we see if price crosses 22,450 we might see 22,750. Again 22,750 to 23,000 range is for creation of positional short, with SL of 23,220. Decision Zone , until the market breaks 22,080 avoid shorting.
NSE:BANKNIFTY
by subhagghosh
5
Bank Nifty Trading Strategy for 21th Aug'2020OI up by 17.34% and price down by -1.28% shows short build-up and a good amount of short were build up in the last 30 mins with good volume. This time price reversed from 22,308-22,381 zone, which is not a good signal. If #banknifty starts trading below 21,778 and goes below 21,622. Then we are directly heading towards 21,370 / 21,000 / and sub 21k levels. Alert:- Don't use this fall as a buying opportunity, I am seeing a deep correction on the chart. If you have to buy, buy above 22,450 levels, not before that. Note:- 21,000 support has been defended 3 times, this time no more 21K ki sarkar. Sub 21k levels will start liquidation of the longs created around 17k to 18k levels and will result in a deeper correction. If you hit support multiple times, it becomes weak and bound to break. Trade what you see not what you feel, follow it and you will feel the x-factor.
NSE:BANKNIFTYShort
by subhagghosh
Bank Nifty Trading Strategy for 19th Aug'2020#banknifty OI down by -1.05 % and price up by 2.16% % shows short-covering, bears are not able to push it hard and bulls are resting. 1:45 PM to 2:30 PM (21,900 -22,150) Long build was created and 2:30 PM to 3:30 PM (21,100 - 21,227) was short covering. The trend is positive, trend changes below 21,909. Tough Resistance 22,186 - 22,245. Fresh long only above 22,335 Target 22,440 / 22,600 / 22,745 SL 21,900. Shorting can be done below decision zone, with SL of 22,280. We need volume to support to breakout. Decision Zone is marked in yellow, below negative & above positive. Trade what you see not what you feel, follow it and you will feel the x-factor.
NSE:BANKNIFTY
by subhagghosh
Expiry Special Analysis for 20th Aug'2020.#banknifty OI up by 9.03 % and price up by 0.52% % shows neutral setup and ended the day with Doji setup. Nothing much has changed today, it's an option sellers day. bank nifty was able to defend the trendline breakout whole day with low volume until we have followup buying higher side targets are tough. The trend is positive, trend changes below 21,909. Tough Resistance 22,346- 22,477 Decision Zone is marked in yellow, below negative & above positive. I won't be selling untill 22,211 is broken, SL 22,477, T 22,031 / 21,905 /21,778 /21,622. Long is only above 22,477 SL is 22,211 T 22,550 /22,650 / 22,750. Note:- We will only sell if the trendline is broken and this will confirm breakout failure. Else will ride the trend if it continues. Trade what you see not what you feel, follow it and you will feel the x-factor.
NSE:BANKNIFTY
by subhagghosh
2
Bank Nifty Trading Strategy for 18th Aug'2020#banknifty OI down by -0.50 % and price up by -0.10 % shows neutral position, bears are not able to push it hard and bulls are resting. 14th Aug:- 12:15 PM to 2:30 PM huge short's were build up in the system from the levels 22,245 -21,459 The short covering will only happen if 21,853-21,946 levels are crossed and the trend will reverse above 22,080. No fresh shorting, until we breach 21,370 and will reverse all the long if 20,926 is broken, which will be a medium-term reversal in the market. Immediate target on upside T1 21,865-21,905 & T2 22,122 - 22,211. Note: If bears are not able to break 21,400 in the next 2 days, you will have the short-covering fun preferably by wed 2nd half. Decision Zone is marked in yellow, below negative & above positive. Trade what you see not what you feel, follow it and you will feel the x-factor.
NSE:BANKNIFTYLong
by subhagghosh
Bank Nifty Trading Strategy for 17th Aug'2020#banknifty OI up by 2.84% and price down by -2.33% shows Short Build Up 14th Aug:- 12:15 PM to 2:30 PM huge short's were build up in the system from the levels 22,245 -21,459 The short covering will only happen if 21,853-21,946 levels are crossed and trend will reverse above 22,250 No fresh shorting, until we breach 21,630 and fresh long should be build above 22,080. In the meantime, we should be neutral and use the range to play between the downward sloping red line and upward trend support green line. Will intensify the shorting below 21,370 and will reverse all the long if 20,926 is broken, which will be a medium-term reversal in the market. A symmetric triangle formation is seen in the chart. Immediate target on upside T1 21,853-21,946 & T2 22,137 - 22,186. Monday will decide the direction of the market. The decision zone 21,630 - 21,744 is marked in yellow, below negative & above positive.
NSE:BANKNIFTY
by subhagghosh
1
Bank Nifty Trading Strategy for 10th Aug'2020OI up by 8.56% and price up by 0.51%, shows FNO neutral setup and inside bar formation on the daily chart shows indecision. FNO data is neutral Recent Swing Low & High :- 21,389 - 22,933 Decision Zone 21,448- 21,557 AB=CD pattern predicts 22,294 levels, the PRZ - Potential Reversal Zone might be 22,122.5 - 22,389. I won't be aggressively long or short, as the market is in a broader range of 21K to 23k. Will trade with low volume as per the signals on the chart. Trade what you see, not what you feel, trading is all about making money & nothing else.
NSE:BANKNIFTY
by subhagghosh
Bank Nifty Trading Strategy for 7th Aug'2020OI up by 10.84% and price up by 0.62%, shows FNO neutral setup and Doji formation on the daily chart shows indecision. After RBI news:- 12:15 to 1:15 PM rally was due to long buildup in the range of 21,450-21,900 levels and the last 45 min pullback was due to short covering. FNO data is weak. Today technically we made Lower Low (21,289) & Lower High (21,924):- Technically it's a weak signal. Yesterday Low (21,449) and high (21,933) Decision Zone 21,387- 21,555 I posted yesterday "Pullback till 21,865 / 22,122/22,380 might be on cards till 20,065 holds." Today's high was not able to break 5th Aug 21,933 swing high. I won't make positional short until #banknifty closes below 21k or might be at much higher levels above 22k (where I will post). Broadly speaking:- 21,000 to 23,000 is the range and below 22,000 we have negative & above positive.
NSE:BANKNIFTY
by subhagghosh
Expiry Special Analysis for 6th Aug'2020.OI down by 1.39% and price up by 0.09%, shows FNO neutral setup and Doji formation on the daily chart shows indecision. Today fall from 11:15 to 12:15 is due to shorting & long unwinding, long unwinding is a thing of worry. Today is the second day in we made lower low (21,449) and higher high (21,933) 4th Aug LL:21,065 and HH:21,574 29th July to 3rd Aug:- LH: 22,346/22,253/21,807/21,544 LL: 22,906/21,580/21,375/21,031 Today's high is 68.5% of the last wave of fall. Decision Zone 21,449- 21,651 I posted yesterday "Pullback till 21,865 / 22,122/22,380 might be on cards till 20,065 holds." Today's high was 21,933 was a swing high. I won't make positional short until #banknifty closes below 21k or might be at much higher levels above 22k (where I will post). Broadly speaking:- 21,000 to 23,000 is the range and below 22,000 we have negative & above positive.
NSE:BANKNIFTY
by subhagghosh
3