Bank Nifty Trading Strategy for 1st Oct'2020
#banknifty OI up by +0.19% and price up by 16.77 %, which indicates short positions were added today.
FII sold 712.48 Cr & DII bought 409.47 Cr, FII selling pressure has reduced today.
10.00 AM Low was 21,128.50 and the high of 11.00 AM was 21,472.85,344 point rally is purely due to short covering.
Again last 1 hour data is weak, only short covering and long unwinding, and any Previous Day High closure will pull short-covering IN.
Decision Zone 21,580- 21,687 below is bearish, and above is bullish.
Medium-term trend reversal levels:- 22,248
Short term trend reversal levels:- 21,800
Next level of short only below 21,100 only.
The sharp pullback of 1406 points in the last 15 hourly bar has been adjusted in the last 2 days.
The trend seems to be neutralized and we should try to buy on dips till 21,100 holds and add to calls above 21,800 and further add above 22,248.
Upside target are 21,800 / 21,950 / 22,050 / 22,250 / 22,659.
The momentum indicator has turned positive on the hourly time frame.
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 sold 712.48 Cr & DII bought 409.47 Cr, FII selling pressure has reduced today.
10.00 AM Low was 21,128.50 and the high of 11.00 AM was 21,472.85,344 point rally is purely due to short covering.
Again last 1 hour data is weak, only short covering and long unwinding, and any Previous Day High closure will pull short-covering IN.
Decision Zone 21,580- 21,687 below is bearish, and above is bullish.
Medium-term trend reversal levels:- 22,248
Short term trend reversal levels:- 21,800
Next level of short only below 21,100 only.
The sharp pullback of 1406 points in the last 15 hourly bar has been adjusted in the last 2 days.
The trend seems to be neutralized and we should try to buy on dips till 21,100 holds and add to calls above 21,800 and further add above 22,248.
Upside target are 21,800 / 21,950 / 22,050 / 22,250 / 22,659.
The momentum indicator has turned positive on the hourly time frame.
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:
22250 Target Completed.
