Bank Nifty Trading Strategy for 4th Sep'2020
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#banknifty OI up by 16.33% and price down by 1.44 % shows Short Built-Up position in FNO.
There is huge congestion that has occurred in the last 3 days in the range of 23,385 to 24,199 range, any move outside this range will decide the direction.
If there is an upside breakout the target on the upside is 24,575 or the downside breakdown is 22,745.
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) - Completed
Wave 5 :- 23,385 - 24,526 / 25,232 / 25,827 - Pending
*Wave 5 is typically 61.8%, 100%, or 123.6% of wave 4
Decision Zone 23,773- 23,840
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.
There is huge congestion that has occurred in the last 3 days in the range of 23,385 to 24,199 range, any move outside this range will decide the direction.
If there is an upside breakout the target on the upside is 24,575 or the downside breakdown is 22,745.
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) - Completed
Wave 5 :- 23,385 - 24,526 / 25,232 / 25,827 - Pending
*Wave 5 is typically 61.8%, 100%, or 123.6% of wave 4
Decision Zone 23,773- 23,840
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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