subhagghosh

#banknifty analysis for 11th Aug'2021

Long
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.

Comments

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
+3 Reply
One of the finest analysis , great sir.....you made everything simple...
+1 Reply
subhag ji ..tusi great ho !!.. wishes from Punjab..Patiala
+1 Reply
Thanks You Dada
+1 Reply
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.
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Should I take a 35300PE of this expiry (12Aug)?
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@babai93 Read my questions and answers , u will get an idea, what to take and when
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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
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@sudeeshgec Cloud you pls elaborate?
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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.
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