#banknifty analysis for 11th Aug'2021

subhagghosh Updated   
NSE:BANKNIFTY   Nifty Bank Index
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.



People are asking, what is the decision point?

35,890 below short or above long for intraday.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.