#banknifty analysis for 2nd July'2021
Price has closed below 20 DMA (34,968) after a long time and 100 DMA is 34,337 is the next support line.
1. Fresh longs only above 35,000.
2. 34,350 areas should work as support.
3. Any violation of swing low of 33,908 might force liquidation of long positions, which gives a target of 31,00 on downsize.
4. Index is moving in zig-zag fashion triggering SL on both sides and it's has become really tough for traders to trade.
Decision Line: - 34,906 (above +ve & below -ve)
Decision Points :- Important reaction points, which price reacting to movements are 34,357 / 34,653 / 34,874/ 35,095 / 35,410 / 35,647 / 35,810
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will 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
#elliottwave #nse # nifty #banknifty
Price has closed below 20 DMA (34,968) after a long time and 100 DMA is 34,337 is the next support line.
1. Fresh longs only above 35,000.
2. 34,350 areas should work as support.
3. Any violation of swing low of 33,908 might force liquidation of long positions, which gives a target of 31,00 on downsize.
4. Index is moving in zig-zag fashion triggering SL on both sides and it's has become really tough for traders to trade.
Decision Line: - 34,906 (above +ve & below -ve)
Decision Points :- Important reaction points, which price reacting to movements are 34,357 / 34,653 / 34,874/ 35,095 / 35,410 / 35,647 / 35,810
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will 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
#elliottwave #nse # nifty #banknifty
