Bank Nifty Trading Strategy for 16th Sep'2020
#banknfity OI up by 4.97% and price down up +0.44%, which indicates a neutral setup.
BN closed exactly on our decision point of 22,465.
People will be interested to know, what happened from 2:30 PM to 3:30 PM, huge spike on the upside, again this was short covering in the expected line.
The uptrend channel which started on 16th June (19,507), the price is pulled back just inside the channel. And we respected yesterday's low, which is a good sign and going further 22,000 -22,050 will be a strong support zone.
I won't be trading shorts until I get a breakdown below 22,000 - 22,050.
Trading Strategy:- I will go into trading with a neutral mindset and will take a position based on the current setup of the market.
I will be bearish if 22,050 breaks for a target of 21,850 / 21,600 /21,300.
I will be bullish above 22,465 for a target of 22,550 / 22,750 / 22,850 / 23,150.
Trend deciding levels are 22,465, below is bearish, and above is bullish.
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.
BN closed exactly on our decision point of 22,465.
People will be interested to know, what happened from 2:30 PM to 3:30 PM, huge spike on the upside, again this was short covering in the expected line.
The uptrend channel which started on 16th June (19,507), the price is pulled back just inside the channel. And we respected yesterday's low, which is a good sign and going further 22,000 -22,050 will be a strong support zone.
I won't be trading shorts until I get a breakdown below 22,000 - 22,050.
Trading Strategy:- I will go into trading with a neutral mindset and will take a position based on the current setup of the market.
I will be bearish if 22,050 breaks for a target of 21,850 / 21,600 /21,300.
I will be bullish above 22,465 for a target of 22,550 / 22,750 / 22,850 / 23,150.
Trend deciding levels are 22,465, below is bearish, and above is bullish.
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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