Bank Nifty Trading Strategy for 7th Aug'2020
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OI up by 10.84% and price up by 0.62%, shows FNO neutral setup and Doji formation on the daily chart shows indecision.
After RBI news:- 12:15 to 1:15 PM rally was due to long buildup in the range of 21,450-21,900 levels and the last 45 min pullback was due to short covering.
FNO data is weak.
Today technically we made Lower Low (21,289) & Lower High (21,924):- Technically it's a weak signal.
Yesterday Low (21,449) and high (21,933)
Decision Zone 21,387- 21,555
I posted yesterday "Pullback till 21,865 / 22,122/22,380 might be on cards till 20,065 holds."
Today's high was not able to break 5th Aug 21,933 swing high.
I won't make positional short until #banknifty closes below 21k or might be at much higher levels above 22k (where I will post).
Broadly speaking:- 21,000 to 23,000 is the range and below 22,000 we have negative & above positive.
After RBI news:- 12:15 to 1:15 PM rally was due to long buildup in the range of 21,450-21,900 levels and the last 45 min pullback was due to short covering.
FNO data is weak.
Today technically we made Lower Low (21,289) & Lower High (21,924):- Technically it's a weak signal.
Yesterday Low (21,449) and high (21,933)
Decision Zone 21,387- 21,555
I posted yesterday "Pullback till 21,865 / 22,122/22,380 might be on cards till 20,065 holds."
Today's high was not able to break 5th Aug 21,933 swing high.
I won't make positional short until #banknifty closes below 21k or might be at much higher levels above 22k (where I will post).
Broadly speaking:- 21,000 to 23,000 is the range and below 22,000 we have negative & above positive.
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