subhagghosh

#banknifty analysis for 11th Aug'2021

Long
subhagghosh Premium Updated   
NSE:BANKNIFTY   NIFTY BANK
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.

#banknifty

Regards,
SG

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

35,890 below short or above long for intraday.

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