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.
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.
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