Bank Nifty Intra Day Trade Strategy for 21/6/21
Bank Nifty Analysis - 19/6/21
Daily time frame - 33950 support
resistance – 34700
Upward trendline support - at 33950
5 min time frame - resistance at 34750 and support at 34400
Sentiment of the Market – Initial sentiment is Bearish, if breaks 34800 level then bullish
Intraday Action for Various Possibilities -
1) Opens Flat -
a) Goes Up- Buy CE only if it crosses 34750
b) Goes Down – Buy PE if it falls below 34400
2) Opens with Gap Up -
a) But Below 34700 - Buy CE only if it crosses 34800
b) Above 34700
i) Its going up - Buy CE only if it crosses 34800
ii) Its going down -Wait for it to bounce back from 34700 and buy CE when crosses 34800
if it breaks 34700 - then no trade till 34400
and if it breaks 34400 then Buy PE below 34400
3) Opens with Gap Down -
a) Above 34400 - Wait for it to bounce back from 34400 and buy CE trade above 34750 only
b) Below 34400
Keeps on falling then Buy PE up to a fall of 33950
Daily time frame - 33950 support
resistance – 34700
Upward trendline support - at 33950
5 min time frame - resistance at 34750 and support at 34400
Sentiment of the Market – Initial sentiment is Bearish, if breaks 34800 level then bullish
Intraday Action for Various Possibilities -
1) Opens Flat -
a) Goes Up- Buy CE only if it crosses 34750
b) Goes Down – Buy PE if it falls below 34400
2) Opens with Gap Up -
a) But Below 34700 - Buy CE only if it crosses 34800
b) Above 34700
i) Its going up - Buy CE only if it crosses 34800
ii) Its going down -Wait for it to bounce back from 34700 and buy CE when crosses 34800
if it breaks 34700 - then no trade till 34400
and if it breaks 34400 then Buy PE below 34400
3) Opens with Gap Down -
a) Above 34400 - Wait for it to bounce back from 34400 and buy CE trade above 34750 only
b) Below 34400
Keeps on falling then Buy PE up to a fall of 33950
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