Nifty Bank IndexShort
Bank Nifty Trading Strategy for 30th Sep'2020
#banknifty OI up by +4.07% and price down by -1.17 %, which indicates short positions were added today.
FII sold 1,456.66 Cr & DII bought 576.50 Cr, FII selling pressure has intensified, which is not at looking good at all.
Don't read much into the rally into the last 30 mins, as 21,320 to 21,468 from 3:00 PM to 3:30 PM, it was pure short covering.
Decision Zone 21,320- 21,470 below is bearish, and above is bullish.
Trend Reversal Level:- 22,248
The sharp pullback of 1406 points in the last 15 trading hours 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.
I said yesterday "The up move should fizzle out by 21,800 to 22,100 zone.":- Day high was 21,811.
The trading strategy is to sell on the bounce, with an SL of 22,250.
Targets :- 21,280 / 21,135 /21,060 / 20,951.
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.
FII sold 1,456.66 Cr & DII bought 576.50 Cr, FII selling pressure has intensified, which is not at looking good at all.
Don't read much into the rally into the last 30 mins, as 21,320 to 21,468 from 3:00 PM to 3:30 PM, it was pure short covering.
Decision Zone 21,320- 21,470 below is bearish, and above is bullish.
Trend Reversal Level:- 22,248
The sharp pullback of 1406 points in the last 15 trading hours 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.
I said yesterday "The up move should fizzle out by 21,800 to 22,100 zone.":- Day high was 21,811.
The trading strategy is to sell on the bounce, with an SL of 22,250.
Targets :- 21,280 / 21,135 /21,060 / 20,951.
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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