Bank Nifty Intra Day Trade Strategy for 23/6/21
Bank Nifty Analysis - 23/6/21 (22/6&23/6 – same pattern as 17/5-18/5,19/5,20/5)
Daily time frame – support - 34200
resistance - 35300
Upward trendline support - happens to be at 34200
5 min time frame - resistance at 35000 and support at 34650
Sentiment of the Market – sentiment is bullish
Intraday Action for Various Possibilities -
1) Opens Flat -
a) Goes Up- Buy CE only if it crosses 34900
b) Goes Down – Buy PE if it falls below 34450
2) Opens with Gap Up -
a) But Below 34900 - Buy CE only if it crosses 35000
b) Above 34900
i) Its going up - Buy CE only if it crosses 35000
ii) Its going down -Wait for it to bounce back from 34900 and buy CE when crosses 35000
if it breaks 34700 - then no trade till 34400
and if it breaks 34400 then Buy PE below 34400
3) Opens with Gap Down -
a) Above 34700 - Wait for it to bounce back from 34700 and buy CE trade above 34900 only
b) Below 34700-
Keeps on falling then Buy PE up to a fall of 34200, support present at 34400
Daily time frame – support - 34200
resistance - 35300
Upward trendline support - happens to be at 34200
5 min time frame - resistance at 35000 and support at 34650
Sentiment of the Market – sentiment is bullish
Intraday Action for Various Possibilities -
1) Opens Flat -
a) Goes Up- Buy CE only if it crosses 34900
b) Goes Down – Buy PE if it falls below 34450
2) Opens with Gap Up -
a) But Below 34900 - Buy CE only if it crosses 35000
b) Above 34900
i) Its going up - Buy CE only if it crosses 35000
ii) Its going down -Wait for it to bounce back from 34900 and buy CE when crosses 35000
if it breaks 34700 - then no trade till 34400
and if it breaks 34400 then Buy PE below 34400
3) Opens with Gap Down -
a) Above 34700 - Wait for it to bounce back from 34700 and buy CE trade above 34900 only
b) Below 34700-
Keeps on falling then Buy PE up to a fall of 34200, support present at 34400
Penafian
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