Bank Nifty Trading Strategy for 5th Aug'2020

OI down by -3.84% and price up by +1.99%, shows short covering.

21,100 to 21,400 is the levels were the majority of long has been created, the pressure will be felt only BN goes below 21,000 levels.

# today is the first day in the last 5 day's we made lower low (21,065) and higher high (21,574)

As long as today's low holds, we will try to go up.

#banknifty is made lower low and lower high constantly from 29th July to 3rd Aug:-

LH: 22,346/22,253/21,807/21,544
LL: 22,906/21,580/21,375/21,031

Decision Zone 21,537- 21,666

Pullback till 21,865 / 22,122/22,380 might be on cards till 20,065 holds.

I won't make positional short until #banknifty closes below 21k or might be at much higher levels above 22k (where I will post).

Broadly speaking:- 21,000 to 23,000 is the range and below 22,000 we have negative & above positive.


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+3 Reply
min was 21865 max is around 22380 of this up move.

But looking at today's price action, the market looks nervous at higher levels and weakness is there.

once I post my analysis today, will cover this up.
+1 Reply
Don't You think Bullish movement started (correction ABC) with a strong resistance at 22300??
it seems to me that today B wave ended with morning star in 15 mins time so there are chances that it gives c wave target at 22300??
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agreed! below 21000 BN is doomed.
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Day High:- 21,936, the wave 3 high was predicted to be min of 21,865, bang on.

Above decision zone of 21,537- 21,666, we got around 270+ points, more than what we can expect in a day.

The rest of the analysis to be followed in the expiry special report.
today, can it close the gap it created today?
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