subhagghosh
Short

Bank Nifty Trading Strategy for 4th Feb'2020:-

NSE:BANKNIFTY   NIFTY BANK
Bank Nifty Trading Strategy for 4th Feb'2020:-

I am bearish on BN until we close above 30,650.

52 Week Low:- 23-Aug-19:- Low is 26,560.80
52 Week High:-30-Dec-19:- High is 32,613.10

23.6% 31,185 Breached
38.2% 30,301 Breached
50% 29,587 Saved
61.8% 28,873 Saved
78.2% 27,856 Saved

DMA200 30090.90

## Monthly Resistance:- 31,045-31,085
$$ Weekly Resistance:- 30,564-30,650

** Tomorrow Supply / Resistance Zone:- 30,091-30,285 (Lower end of support zone coincide with 200 DMA)
** Tomorrow Demand / Support Zone:- 29,250 - 29,350

%% Pivot Zone:- 29,753-29,851 Above +ve below -ve

29500-30500:- 1000 point range.

There are two types of trades:- Range Trading and Breakout Trade.

1. Bullish Range Trade:- Buy in pivot zone (29,753-29,851) SL 29,600 Target is supply zone (30,091-30,285) else you can book 200 to 300 points and close your position.

2. Bearish Range Trade:- Sell in resistance zone (30,091-30,285) SL 30,350 Target is pivot zone (29,753-29,851 ) else you can book 200 to 300 points and close your position.

3. Breakout Long Trade:- I don't prefer to be long until 30,650 is taken away conclusively. I will be long above 30,650, SL 30,480 T 200 to 300 points.

4. Breakout Short Trade:- Short below 29550, SL 29851 Target 29,350 / 29,250.

I have a traders community on telegram BNTrading ( it's a community to share ideas, no charges), you can follow real-time market analysis and post your’ s view as well.

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