Bank Nifty Trading Strategy for 5th Oct'2020
#banknifty OI up by +2.90% and price up by 3.70 %, which indicates a neutral position.
FII bought 1632.25 Cr & DII bought 259.46 Cr, FII has turned into buyers after a long time.
FII has created fresh long position & covered up the short positions, DII has created fresh short, Retail & PRO have unwinded the long and created fresh shorts.
BN Range <22,015 - 22,293.75> : Data from 12:45 PM to 3:30 PM was not great, it was short buildup, long unwinding & short covering.
Decision Zone 21,580- 21,687 below is bearish, and above is bullish.
Ultra Short Term Long SL 21,811
Short Term Long SL 21,128
Medium Trend Reversal Level:- 22,818
Posted yesterday:- Upside target are 21,800 / 21,950 / 22,050 / 22,250 / 22,659 , till 22,250 is completed.
The price is expected to reverse from PRZ 22,545 - 22,659 (Don't short blindly, until you see price action reversal signal).
Note:- No Fresh long, until BN crosses 22,818.
If 22,818 holds, we will move towards 25,232 and will try to cross it.
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 bought 1632.25 Cr & DII bought 259.46 Cr, FII has turned into buyers after a long time.
FII has created fresh long position & covered up the short positions, DII has created fresh short, Retail & PRO have unwinded the long and created fresh shorts.
BN Range <22,015 - 22,293.75> : Data from 12:45 PM to 3:30 PM was not great, it was short buildup, long unwinding & short covering.
Decision Zone 21,580- 21,687 below is bearish, and above is bullish.
Ultra Short Term Long SL 21,811
Short Term Long SL 21,128
Medium Trend Reversal Level:- 22,818
Posted yesterday:- Upside target are 21,800 / 21,950 / 22,050 / 22,250 / 22,659 , till 22,250 is completed.
The price is expected to reverse from PRZ 22,545 - 22,659 (Don't short blindly, until you see price action reversal signal).
Note:- No Fresh long, until BN crosses 22,818.
If 22,818 holds, we will move towards 25,232 and will try to cross it.
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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