Bank Nifty Trading Strategy for 26th Aug'2020
#banknifty OI up by 0.91% & price up by 1.13% and the future is at 12 Rs discount making the FNO signal as neutral.
The whole index setup from 13:15 to 3:30 PM is very weak, zero long buildups only short buildup, and long unwinding.
Breakout trades above:- 23,220 Current Move from 21,407 to 23,211, move of 1,804 target of upside is 24,328 (1.618%) & 25,015.
PRZ - 22,962-23,211
The market is overbought and I still feel, the risk to rewards here is in favor of bears, we have small points to risk on short trades.
You should wait for a reversal signal on a 1-hour chart to initiate any short position.
Desision Zone [22,945 - 23,050]
The only thing that needs to be looked into is the monthly expiry on 27th Aug'2020, expiry adjustment overrules any technical pieces of stuff.
The whole index setup from 13:15 to 3:30 PM is very weak, zero long buildups only short buildup, and long unwinding.
Breakout trades above:- 23,220 Current Move from 21,407 to 23,211, move of 1,804 target of upside is 24,328 (1.618%) & 25,015.
PRZ - 22,962-23,211
The market is overbought and I still feel, the risk to rewards here is in favor of bears, we have small points to risk on short trades.
You should wait for a reversal signal on a 1-hour chart to initiate any short position.
Desision Zone [22,945 - 23,050]
The only thing that needs to be looked into is the monthly expiry on 27th Aug'2020, expiry adjustment overrules any technical pieces of stuff.
Related publications
Disclaimer
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.
Related publications
Disclaimer
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.