Bank Nifty Trading Strategy for 28th Aug'2020

#banknifty OI down by 11.93% and price up by 0.80 % shows short covering.

You still have 2000 more point rally to grab.

#banknifty has given breakout above 23,220 after 2 months of consolidation (21,027 - 23,211 i.e 2,184 points range).

This gives an upside target of 25,395.

Upside target's opened are 23,517 (completed)/ 24,364-24,524-24-556 / 25,395-25,670-25,923 / 26,311 as long as 22,410 holds.

GAP 25,923 - 25,670, 253 point gap in the month of March, as a normal rule market always returns to fill up the gap.

This gap will also act as resistance.

Fibonachi Analysis :- 32,613 - 16,116

23.6% 20,009 Done
38.2% 22,418 Done
50.0% 24,364 Pending
61.8% 26,311 Pending

Strong Resistance:- 24,364 - 24,556
Strong Resistance:- 25,670 - 25,923

Strong Support:- 22,410

Elliot Wave:-

Wave 3 can be 161.8% to 261.8% or 461.8%

Wave 1 :- 21,403 - 22,410
Wave 2 :- 22,410 - 21,886
Wave 3 :- 21,886 - 23,704 (1.80 of wave 1) - In progress

161.8% : 23,517 -Done
261.8% : 24,524 -Pending

Wave 4: Not started
Wave 5: Not started

Decision zone:- 23,554 - 23,684

The chart is all green everywhere, all greenery.

Note:- Trade the levels, levels are staircase, you take small steps to go ahead.

Trade what you see, not what you feel, trading is all about making money and nothing else.