#banknifty view for 31th Aug'21
#banknifty view for 31th Aug'21
All of a sudden everything looks rosy, all DMA & all indicators are in buy mode & higher time frame breakout!!!
PCR is 1.34 for bank nifty, still, it can go to 1.5 to 1.6.
Wave 5 ( 100% is 36,452 / 127.2 % is 36,749 / 138.2% is 36,869 / 150% is 36,998 / 168% is 37,127)
Reserved area can be ABCD pattern which comes around 36,749 (127% of AB) or at higher levels mentioned above.
Biased is extremely bullish, but the risk to rewards is not great for long from here on, until we get a reversal, blind short will kill your account.
36,750 +-100 area has got a very probability of reversals based on fibo levels.
I am sharing my chart so that you can change the time frame & do intraday trades:- in.tradingview.com/chart/ry5jjN1j/?symbol=NSE:BANKNIFTY
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
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.
Regards,
SG
All of a sudden everything looks rosy, all DMA & all indicators are in buy mode & higher time frame breakout!!!
PCR is 1.34 for bank nifty, still, it can go to 1.5 to 1.6.
Wave 5 ( 100% is 36,452 / 127.2 % is 36,749 / 138.2% is 36,869 / 150% is 36,998 / 168% is 37,127)
Reserved area can be ABCD pattern which comes around 36,749 (127% of AB) or at higher levels mentioned above.
Biased is extremely bullish, but the risk to rewards is not great for long from here on, until we get a reversal, blind short will kill your account.
36,750 +-100 area has got a very probability of reversals based on fibo levels.
I am sharing my chart so that you can change the time frame & do intraday trades:- in.tradingview.com/chart/ry5jjN1j/?symbol=NSE:BANKNIFTY
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
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.
Regards,
SG
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