Bang ON Levels for Bank Nifty :- 12th Feb'2020.
Bank Nifty Trading Strategy for 12th Feb'2020:- From telegram's BNTrading.
Today was a short squeeze in 1 hour with a range-bound for the rest of the day. The BN opened (31230) in our resistance level (31183-31260) and crossed above the zone in first min itself, which is technical buy and entered into monthly resistance zone ( 31380-31480) and overshoot the zone (Day high 31505) and profit was booked in resistance zone. As the 1st-hour momentum was high and the price was above the pivot zone, we didn't initiate any short position (ideal short was below 31380 was breached).
What I said yesterday “I am bearish on BN until we close above 31,260, technically the trend has changed below 31113. It opens the downsize target of 30761.”, As we have closed above 31260, the trend has changed to positive.
Trend reversal will happen only below 3113.
## Daily/Weekly/Monthly Resistance:- 31385-31505 / 31650-31750
## PIVOT:- 31,273-31,392
## Tomorrow Demand / Support:- 31113-31183
## Tomorrow Demand / Support :- 30654-30705
## Weekly Support:- 30654-30705
NOTE:- We are bearish below 31113 and super bearish below 30926.
There are two types of trades:- Range Trading and Breakout Trade.
1. Range Trade:- Buy/SELL in above or below Pivot Zone & GREEN Zones, SL is zone lower point, T 100 to 300 points/resistance zone.
2. Breakout Trade:- Once a pivot/zone is broken, keep SL as lower / upper end of the zone for next zone as the target or target 100 -300 points.
Today was a short squeeze in 1 hour with a range-bound for the rest of the day. The BN opened (31230) in our resistance level (31183-31260) and crossed above the zone in first min itself, which is technical buy and entered into monthly resistance zone ( 31380-31480) and overshoot the zone (Day high 31505) and profit was booked in resistance zone. As the 1st-hour momentum was high and the price was above the pivot zone, we didn't initiate any short position (ideal short was below 31380 was breached).
What I said yesterday “I am bearish on BN until we close above 31,260, technically the trend has changed below 31113. It opens the downsize target of 30761.”, As we have closed above 31260, the trend has changed to positive.
Trend reversal will happen only below 3113.
## Daily/Weekly/Monthly Resistance:- 31385-31505 / 31650-31750
## PIVOT:- 31,273-31,392
## Tomorrow Demand / Support:- 31113-31183
## Tomorrow Demand / Support :- 30654-30705
## Weekly Support:- 30654-30705
NOTE:- We are bearish below 31113 and super bearish below 30926.
There are two types of trades:- Range Trading and Breakout Trade.
1. Range Trade:- Buy/SELL in above or below Pivot Zone & GREEN Zones, SL is zone lower point, T 100 to 300 points/resistance zone.
2. Breakout Trade:- Once a pivot/zone is broken, keep SL as lower / upper end of the zone for next zone as the target or target 100 -300 points.
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