#banknifty view for 24th Aug'21

#banknifty view for 24th Aug'21

The moving average are giving sell signals ( DMA 5/10/20/50 - 35,534 / 35,765 / 35,439 / 35,230), support 100 DMA 34,320.

Today Last week's swing low of 34,930 was broken on an intraday basis, which is not a good sign.

The majority of pivots are placed at 35,090.

DZ:- 35,090 (intraday) & 35,427 - 35,531 (positional)

Sum up,

1. The market is weak until being closes above 35,550.

2. Reversal from the downside is expected possible areas 34,586-34,624 / 34,115-34,128 if this level doesn't hold the min 1000 point further correction (low probability)

3. Buy in dip or sell on rallies:- Risk to Reward is not in favor of either long or short, better try to use price action to trade intraday and avoid positional trades.

4. Sharp movement might be seen, it's advisable to trade with small quantities until the trends get clear.

On 4 hour time frame:- 50% & 61% projection is placed at 36,905 & 37,563 which may or may not be achieved.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.



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