Bank Nifty Trading Strategy for 1st Oct'2020 Long

Nifty Bank IndexNSE

Description

⋅ Sep 30, 2020 8:58 PM

#banknifty OI up by +0.19% and price up by 16.77 %, which indicates short positions were added today.

FII sold 712.48 Cr & DII bought 409.47 Cr, FII selling pressure has reduced today.

10.00 AM Low was 21,128.50 and the high of 11.00 AM was 21,472.85,344 point rally is purely due to short covering.

Again last 1 hour data is weak, only short covering and long unwinding, and any Previous Day High closure will pull short-covering IN.

Decision Zone 21,580- 21,687 below is bearish, and above is bullish.

Medium-term trend reversal levels:- 22,248

Short term trend reversal levels:- 21,800

Next level of short only below 21,100 only.

The sharp pullback of 1406 points in the last 15 hourly bar has been adjusted in the last 2 days.

The trend seems to be neutralized and we should try to buy on dips till 21,100 holds and add to calls above 21,800 and further add above 22,248.

Upside target are 21,800 / 21,950 / 22,050 / 22,250 / 22,659.

The momentum indicator has turned positive on the hourly time frame.

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.

Trade closed: target reached

⋅ Oct 1, 2020 4:34 PM

22250 Target Completed.

Comments

kkbeswaran

⋅ Oct 1, 2020 3:37 AM

Your analysis is wonderful, and to share your knowledge is very much appreciated

girish321

⋅ Oct 1, 2020 3:19 AM

Thanks sir.......... I love your script writing skill......... every word is like written in Bible

priceactionacademy3

⋅ Oct 1, 2020 7:13 PM

Very Good Analysis and trade followed the pattern

Mahdev

⋅ Oct 1, 2020 8:19 AM

decision zone should be different in analyse chart and description

TheRadhaKrishna

⋅ Oct 1, 2020 2:42 AM

Thank you So much Bro _/\_

ghostshell4463

⋅ Oct 1, 2020 2:37 AM

I read each and every one of ur analysis properly 🤘🤘😍

cshekharg1234

⋅ Oct 1, 2020 3:45 PM

Sr next week banknifty down rahega ya up

Thanigachalam_S

⋅ Oct 1, 2020 3:28 AM

0.19 and 16.7 percent seem to b interchanged.

subhagghosh

⋅ Oct 1, 2020 4:09 AM

@Thanicks might be...got sleepy eyes at night😀

Thanigachalam_S

⋅ Oct 1, 2020 2:58 PM

@subhagghosh
Yr prediction is very perfect and appeciate you
God bless u