Bank Nifty Intra Day Trade Strategy for 20/7/21

Bank Nifty Trade Setup for 20TH July 2021– Bank Nifty Closes At - 35079
Daily time frame – support – 34650
resistance - 35600

Upward trendline support – Broken due to major gap down

5 min time frame - resistance at 35350 and support at 35000

Sentiment of the Market – sentiment is bearish due to bank results

Intraday Action for Various Possibilities -
1) Opens Flat -
a) Goes Up- Buy CE only if it crosses 35150
b) Goes Down – Buy PE if it falls below 34900

2) Opens with Gap Up -
a) But Below 35150 - Buy CE only if it crosses 35350
b) Above 35150
i) Its going up - Buy CE only if it crosses 35350
ii) Its going down -Wait for it to bounce back from 35150 and buy CE when crosses 35350
if it breaks 35000 - then no trade till 34900
and if it breaks 34900 then Buy PE below 34900 till 34650 and beyond.

3) Opens with Gap Down -
a) Above 35000 - Wait for it to bounce back from 35000 and buy CE trade above 35150 only
b) Below 35000-
Keeps on falling then Buy PE up to a fall of 34650, support present at 34900

These Levels are for Safe Playing Traders Only and during Live Trading you can always make profit from Scalp Trading between these levels