Bank Nifty Trading Strategy for 4th Aug'2020

OI up by 24.22% and price down by -2.62%, shows significant short buildup. There was along with short covering & short buildup for is last 2hours ( 1:30 pm to 3:30 pm).

#banknifty is made lower low and lower high constantly for the last 4 days

LH: 22,346/22,253/21,807/21,544
LL: 22,906/21,580/21,375/21,031

Won't be long until you 21,807 is crossed, bounce must be used to create short rather than dips used to create shorts.

Decesion Zone is 21,180 - 21,398.

Please avoid aggressive long and use the bounce to short.

Lower targets on cards:- T1 20,421 & T2 19,685 (these levels are valid if #banknifty starts trading below 21,000)


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