Bank Nifty Trading Strategy for 21th July'2020


Cypher pattern:- Bearish formation seen on #banknifty

Focus on PRZ - Price Reversal Zone (22,650 - 22,750)

Nifty P/E stands at 28.86, bubble expanding, be cautious.

Head & Shoulder formation in progress in a 1-hour chart, any bubble break will happen below 21,000 might see a target of 18,895.

I won't change my view based on dow or vaccine news, I will post what I see on the chart.

Trade what you see, not what you feel, enjoy trading.
Comment: What I posted yesterday for today:- Our target was 23,365....we have high of 23,208

Comment: I have an algo model in beta testing, the backtest result of last 1.5 years is excellent:-

On public demand, posting 1 year backtest result on #algotrading performance on #banknifty.
Back-tested from 1/1/2019
Capital Required:- 5L approx ROI :- 475%
Profit:- 23813 x 100 (5 lot) :- 23,813,00 /-
Brokerage :- 95X150 :- Rs 14,250 /-
Net Profit:- 23,798,750 Rs

Comment: #BankNifty formed a Doji on the daily chart, people are confused either to go long or short.

I kept on posting on social media, not to trade today as the #banknifty spend the whole day in the yellow zone.

I keep my view for Monday as intact that of today.

Bearish Shark formation target 1 is already done at 0.78 to .62 i.e. 22,672-22,320

Target 2, I won't share right now, let's us get some pullback and then I will post the target 2.

Correction Waves Details:-

Wave A : - 23,112 to 21,615.

Wave B : - 21,615 to 22,363 ( exact 50% of the wave A)

Wave C : - 22,363 to ------ (21,438 (Achieved) / 21,329 / 21,241 / 21,152 can be anyone)

Decision Zone:- Above +ve & Below Negative.

I don't pay much attention to monthly expiry day candles, as there is FNO adjustment. The market is still in the range of 21k to 23k.

Please don't take a strong positional trade, until this consolidation range is broken.

I have posted a separate positional strategy as a separate idea yesterday, which is still valid.


Sir , I agree with your view but the market is not obliging the beare for the present . Instead bears are getting trapeed with each passing day . How ever this rally has to stop some where and reverse . Till it shows any signs of reversal shorting will be a bad idea . Thanks
+24 Reply
Vikram02 sunilkumartej
Very true sir,
We have to Trade only after confirmations
+3 Reply
today I went short on Bajaj Finance (bought P E ) any view on it ? I think its not only over bought but also over valued .
subhagghosh sunilkumartej
atulgkhandge subhagghosh
@subhagghosh, it will go up
+5 Reply
subhagghosh sunilkumartej
@sunilkumartej, Here you go Sir.
+3 Reply
subhagghosh sunilkumartej
@sunilkumartej, If you want to sustain, change is only constant. The idea was replaced with long idea, once 3 patterns for failed:-

1. Cyper Pattern.
2. PRZ
3. H&S

Which shows the strength of the market.
Hi Whats the cost of the algo whatsapp 9496482200 email
+6 Reply
I agree with you. may be upto expiry it may fall down very badly
+2 Reply
from here on I think sucker rally has to end , both in the Nifty as well as Bank Nifty , for fundamental as well as technical reasons : Nifty back to 29 plus P E , Banks likely to report the most horrible quarterly results (post moratorium period ) large scale loan defaults , rising up to 18%
bank nifty may sooner rather than later break the March 2020 low of 16116.
+1 Reply
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