subhagghosh

#banknifty view for 9th Aug to 13th Aug'21

NSE:BANKNIFTY   NIFTY BANK
#banknifty view for 9th Aug to 13th Aug'21

#banknifty 35,809 weekly closing is strongest after 15th Mar'21 almost after 4 month.

All Daily Moving Averages, Momentum & Trend Oscillators are in buy mode:-

Period Simple
MA5 35517.90 Buy

MA10 35114.54 Buy
MA20 35181.18 Buy
MA50 35133.42 Buy

MA100 34162.39 Buy
MA200 32632.53 Buy

The majority of pivot points are around 34,870.

On technical indicators side, it's a buy until 35,180 holds.

On price action analysis:-

On 4 hour time frame:- Minimum 38% Fibonacci Projection for wave is nearly achieved after break above 35,985. Next 50% & 61% projection is placed at 36,905 & 37,563 which may or may not be achieved.

On 15 min time frame:- We have completed wave 3 and in Wave 4 - Can be anything 35,211 / 35,404 / 35,596, the price might reverse from GAP 35,238 - 35,313 and move up for 36,250 area.

How to trade? Below 34,700 the price might try to fill up the gap & from there you can expect the next up move above 36,000.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

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.

Regards,
SG