Bank Nifty Trading Strategy for 22th-26th June'2020
Next 15 days Review:-
1. The breakout above 19450 on 1st June, the upside target was 24,301.
2. The next round of up move is above 21,967, the upside target will be 24,262.
With the current momentum in place, the upside target of 24,262-24,301 seems to be valid.
Medium-term reversal is only below 19450.
Short term reversal is below 20316.
Current upmove SL is 20,579
1. 23.6% of 17,105 - 21,807 is 20,697
2. 50.0% of 21,807 - 19.507 is 20,657
3. 9th June swing low is 20,629
4. Elliot ave Wave 4 max correction 61.8% of Wave 3 (20,030 to 21,457) is 20,579
MIN is 20,579
We might get a dip in wave 4 in the range of 20,638 - 20,878, the dip has to be bought.
Don't try to short in the market.
1. The breakout above 19450 on 1st June, the upside target was 24,301.
2. The next round of up move is above 21,967, the upside target will be 24,262.
With the current momentum in place, the upside target of 24,262-24,301 seems to be valid.
Medium-term reversal is only below 19450.
Short term reversal is below 20316.
Current upmove SL is 20,579
1. 23.6% of 17,105 - 21,807 is 20,697
2. 50.0% of 21,807 - 19.507 is 20,657
3. 9th June swing low is 20,629
4. Elliot ave Wave 4 max correction 61.8% of Wave 3 (20,030 to 21,457) is 20,579
MIN is 20,579
We might get a dip in wave 4 in the range of 20,638 - 20,878, the dip has to be bought.
Don't try to short in the market.
Trade closed: target reached:
High: 22077
