Bank Nifty Trading Strategy for 11th Aug'2020
OI up by 9.45% and price up by 0.67%, shows FNO neutral setup & FNO data is neutral to positive.
Inside bar, breakout happens on the upside, but we have significant selling pressure on the upside and the pressure will continue till 22,668.
I keep on repeating, we are in a broad range of 21k to 23k and 22k is the pivotal point, just play the range until we have decisive breakout or breakdown, that's the untold story of the last 2 months.
Recent Swing Low 21,370 will act as support.
Decision Zone 21,697- 21,830
Two harmonic patterns are detected:-
1. AB=CD, which gives a target of 22,294.
2. CYPHER, which gives a target of 22,590.
Any stong move is only possible above 22,650.
Will trade with low volume as per the signals on the chart.
Trade what you see, not what you feel, trading is all about making money & nothing else.
Inside bar, breakout happens on the upside, but we have significant selling pressure on the upside and the pressure will continue till 22,668.
I keep on repeating, we are in a broad range of 21k to 23k and 22k is the pivotal point, just play the range until we have decisive breakout or breakdown, that's the untold story of the last 2 months.
Recent Swing Low 21,370 will act as support.
Decision Zone 21,697- 21,830
Two harmonic patterns are detected:-
1. AB=CD, which gives a target of 22,294.
2. CYPHER, which gives a target of 22,590.
Any stong move is only possible above 22,650.
Will trade with low volume as per the signals on the chart.
Trade what you see, not what you feel, trading is all about making money & nothing else.
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