Bank Nifty Trading Strategy for 29th Sep'2020
Diupdate
#banknifty OI up by +3.30% and price up by 3.26 %, which indicates rise was used to do close the short positions and not enough of a long position is a matter of concern.
When there is only 542 Cr FII Buying & 27 Cr DII selling, which shows rally was mainly due to short getting covered and significant fresh long buildups missing.
Don't read much into the rally in the second half, as 21,571 to 21,708 was the range from 2:00 PM to 3:30 PM, the data is not strong in this range and Short buildup, long unwinding and weak hand short covering was seen.
Decision Zone 21,567- 21,686, below is bearish, and above is bullish.
Trend Reversal Level:- 22,248
The sharp pullback of 1300 points in the last 2 days is too fast to sustain and is a typical characteristic of a bear market.
For me the trend is still negative till be close above 22,248 and till that time, we should look for an opportunity to sell.
The up move should fizzle out by 21,800 to 22,100 zone.
The trading strategy is to sell on the bounce, with an SL of 22,448.
Long can hold with SL of 21,413
Saturday What I posted:- "Trading Strategy:- During the initial part of the week, use dips to go long for pullback trades, but the ultimate trade is to open fresh positional short at higher levels for much lower targets."
Again bang on, wait for the reversal sign to short to at higher levels.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
When there is only 542 Cr FII Buying & 27 Cr DII selling, which shows rally was mainly due to short getting covered and significant fresh long buildups missing.
Don't read much into the rally in the second half, as 21,571 to 21,708 was the range from 2:00 PM to 3:30 PM, the data is not strong in this range and Short buildup, long unwinding and weak hand short covering was seen.
Decision Zone 21,567- 21,686, below is bearish, and above is bullish.
Trend Reversal Level:- 22,248
The sharp pullback of 1300 points in the last 2 days is too fast to sustain and is a typical characteristic of a bear market.
For me the trend is still negative till be close above 22,248 and till that time, we should look for an opportunity to sell.
The up move should fizzle out by 21,800 to 22,100 zone.
The trading strategy is to sell on the bounce, with an SL of 22,448.
Long can hold with SL of 21,413
Saturday What I posted:- "Trading Strategy:- During the initial part of the week, use dips to go long for pullback trades, but the ultimate trade is to open fresh positional short at higher levels for much lower targets."
Again bang on, wait for the reversal sign to short to at higher levels.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
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