Bank Nifty Trading Strategy for 3rd Aug'2020

Nifty Bank IndexNSE

Description

⋅ Jul 31, 2020 12:27 PM

#BankNifty formed a Doji on the daily chart, people are confused either to go long or short.

I kept on posting on social media, not to trade today as the #banknifty spend the whole day in the yellow zone.

I keep my view for Monday as intact that of today.

Bearish Shark formation target 1 is already done at 0.78 to .62 i.e. 22,672-22,320

Target 2, I won't share right now, let's us get some pullback and then I will post the target 2.

Correction Waves Details:-

Wave A : - 23,112 to 21,615.

Wave B : - 21,615 to 22,363 ( exact 50% of the wave A)

Wave C : - 22,363 to ------ (21,438 (Achieved) / 21,329 / 21,241 / 21,152 can be anyone)

Decision Zone:- Above +ve & Below Negative.

I don't pay much attention to monthly expiry day candles, as there is FNO adjustment. The market is still in the range of 21k to 23k.

Please don't take a strong positional trade, until this consolidation range is broken.

I have posted a separate positional strategy as a separate idea yesterday, which is still valid.

Comments

vaibhavrkadam

⋅ Jul 31, 2020 2:40 PM

YELLOW ZONE IS RANGE ZONE ..... WHICH NOT GOOD FOR TRADE ?

subhagghosh

⋅ Jul 31, 2020 3:12 PM

@vaibhavrkadam right

subhagghosh

⋅ Aug 3, 2020 8:59 AM

Levels works, trade with discipline & risk management and make money.

nandajyoti07058

⋅ Jul 31, 2020 4:19 PM

Bank nifty doing short covering as the big investor waiting for the new traders enter after salary credited.
Then they will move downward.
As FIi sells share alot cumulative open interest is in call writing.
Wait for 21200 then bullish crossover will bring positive feedback and bank nifty will move up to 24000.
As hdfc share is in sell list .it seems it will break the market.

subhagghosh

⋅ Jul 31, 2020 4:24 PM

@nandajyoti07058, haha

Loot lo reatil ko.