#banknifty analysis for 11th Aug'2021

What do I see?

#banknifty high 36,317 and price is trading above all DMA (5/10/20/50/100) & important pivots (around 35,933 to 35,957).

Wave 4 marked in the chart competes at 35,612 or we are in Wave 5 which has min targets of 36,414 & 36,914 on the upside, is still a question.

OI data turned negative, do I short here? No, OI data keeps changing based on positions, don't read much into it until it's an expiry day.

Should I go long or short? No, when the price is above MA & pivots , why take contra trade.

Should I go long? Yes, buy-in dips have to be the strategy till the 35,200 area holds.

Should I chase up trades on the upside? You can, but the risk to reward is not in favor as compare to buy in dips.

Where should I short? Good Question, might be around 36,400 to 36,500 area with 75 point SL or at 36,900 to 37,100 levels.

Note:- If 36,500 holds, then we have 500 more points on the upside, blind shorting won't help, look for reversal signals.



Comment: People are asking, what is the decision point?

35,890 below short or above long for intraday.


Dada though I am not technical person nor I understand any technical analysis as of now, but still the way you put it makes simple to understand for lay person like me
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One of the finest analysis , great made everything simple...
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subhag ji ..tusi great ho !!.. wishes from Punjab..Patiala
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Thanks You Dada
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Once again an ace from SG sir, broke 35890 (DP) and gave more than first Tgt (35596) and the low was 35531.35,what more a trader can wish. Thank you and hats off to your analysis sir, you levels and DPs are extremely helpful for novice traders like me, once again thank you, SG Sir.
Should I take a 35300PE of this expiry (12Aug)?
@babai93 Read my questions and answers , u will get an idea, what to take and when
Correction wave A must come bottom righth, becoz where wave 3 impulse ends 4th wave must be start correcting to bottom. Can you re check
@sudeeshgec Cloud you pls elaborate?
sudeeshgec subhagghosh
@subhagghosh, See 4th wave is corrective wave right so it abc correction is done after 3rd wave and you marked 4. So all wave abc ends at 4 right and 5th wave again should be impulse wave right .
So either the 4 th wave ending should come in D Point if your going with abcde . Just wanted to clarify.