Bank Nifty Trading Strategy for 26th Oct'2020

Nifty Bank IndexNSE

Description

⋅ Oct 25, 2020 1:39 PM

#banknifty

24,364 ( 50% of 32,613 to 16,116) holds u see 26,311 ( 61.8%).

SL for all positional long is 24,020.

Decision Line:- 24,500

Two strategy to trade:-

1. Range Trading :- 24,250 to 24,750

2. Range breakout trading:-

Buy Above 24764 Tgt 24850,24990 and 25040 (Bank Nifty Spot Levels)
Sell Below 24250 Tgt 24050,23,900 and 23677 (Bank Nifty Spot Levels)

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.

Comments

subhagghosh

⋅ Oct 26, 2020 3:23 AM

Nifty magic figure
Nifty support 11820/11750 Rest 12035 /12150

Nik_747

⋅ Oct 25, 2020 1:54 PM

Wave 3(red) is supposed to be the longest of the 5...but as per your marking, the condition doesn't seem to hold good. Any comments? (I'm referring to the corrective wave after impulse5)

subhagghosh

⋅ Oct 25, 2020 2:12 PM

@Nik_747, ABC correction will remain incomplete, what I see.

on the index, u won't get the exact Elliot wave match, u have to go to a near match.

The indication is clear to break on the upside.