Bank Nifty Trading Strategy for 17th Aug'2020

#banknifty OI up by 2.84% and price down by -2.33% shows Short Build Up

14th Aug:- 12:15 PM to 2:30 PM huge short's were build up in the system from the levels 22,245 -21,459

The short covering will only happen if 21,853-21,946 levels are crossed and trend will reverse above 22,250.

No fresh shorting, until we breach 21,630 and fresh long should be build above 22,080.

In the meantime, we should be neutral and use the range to play between the downward sloping red line and upward trend support green line.

Will intensify the shorting below 21,370 and will reverse all the long if 20,926 is broken, which will be a medium-term reversal in the market.

A symmetric triangle formation is seen in the chart.

Immediate target on upside T1 21,853-21,946 & T2 22,137 - 22,186.

Monday will decide the direction of the market.

The decision zone 21,630 - 21,744 is marked in yellow, below negative & above positive.


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