Bank Nifty Trading Strategy for 21th Oct'2020
#banknifty keeping the analysis simple.
Decision line:- 24,246 above long & below short.
Will prefer to go long above the red resistance line ( 24,650 - 24,700 zone).
In spite of closing two days above 24K and making HH & HL, the momentum is missing.
I said yesterday:- "Concern:- I am a bit worried, as to how the BN behaved after the 24,200 level breakout, there was hardly any upside momentum and the ADX indicator is showing no trend strength, avoid aggressive long or short now on the index"
This is what exactly happened, the upside was capped and shorting doesn't help.
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.
Decision line:- 24,246 above long & below short.
Will prefer to go long above the red resistance line ( 24,650 - 24,700 zone).
In spite of closing two days above 24K and making HH & HL, the momentum is missing.
I said yesterday:- "Concern:- I am a bit worried, as to how the BN behaved after the 24,200 level breakout, there was hardly any upside momentum and the ADX indicator is showing no trend strength, avoid aggressive long or short now on the index"
This is what exactly happened, the upside was capped and shorting doesn't help.
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.
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