Bank Nifty Trading Strategy for 26th Aug'2020
#banknifty OI up by 0.91% & price up by 1.13% and the future is at 12 Rs discount making the FNO signal as neutral.
The whole index setup from 13:15 to 3:30 PM is very weak, zero long buildups only short buildup, and long unwinding.
Breakout trades above:- 23,220 Current Move from 21,407 to 23,211, move of 1,804 target of upside is 24,328 (1.618%) & 25,015.
PRZ - 22,962-23,211
The market is overbought and I still feel, the risk to rewards here is in favor of bears, we have small points to risk on short trades.
You should wait for a reversal signal on a 1-hour chart to initiate any short position.
Desision Zone [22,945 - 23,050]
The only thing that needs to be looked into is the monthly expiry on 27th Aug'2020, expiry adjustment overrules any technical pieces of stuff.
The whole index setup from 13:15 to 3:30 PM is very weak, zero long buildups only short buildup, and long unwinding.
Breakout trades above:- 23,220 Current Move from 21,407 to 23,211, move of 1,804 target of upside is 24,328 (1.618%) & 25,015.
PRZ - 22,962-23,211
The market is overbought and I still feel, the risk to rewards here is in favor of bears, we have small points to risk on short trades.
You should wait for a reversal signal on a 1-hour chart to initiate any short position.
Desision Zone [22,945 - 23,050]
The only thing that needs to be looked into is the monthly expiry on 27th Aug'2020, expiry adjustment overrules any technical pieces of stuff.
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