#banknifty analysis for 26th to 30th July'2021
DMA10 35243.66 Sell
DMA20 35213.68 Sell
DMA50 34920.93 Buy
DMA100 34215.98 Buy
Moving Averages (short term), Momentum Oscillators & Trend Oscillators are in SELL mode.
The GAP 35,347 to 35,675 will continue to act as resistance.
We are in correction mode, correction might be zig zag or flat that time will tell.
If it's zig zag correction, max pullback will end in gap area or if it flat, we might attempt to touch 36k
Overall the market is in range of 34,000 to 36,000, any big swing will come only outside this range.
Trading Strategy:- If we assume we are in AB move ( valid till 34,357 holds), we will buy in dips to sell in the GAP areas. Next levels of short positions will be decided later on if we see reversal from gap area or from 36k area or if the swing low breaks (34,357).
DP:- 34,920 (above +ve below -ve)
Decision Points :- Important reaction points where you might see actions.
35,347 (Weekly High), 35,192 / 35,495-35,636
34,357 (Weekly Low), 34,702
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be 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
DMA10 35243.66 Sell
DMA20 35213.68 Sell
DMA50 34920.93 Buy
DMA100 34215.98 Buy
Moving Averages (short term), Momentum Oscillators & Trend Oscillators are in SELL mode.
The GAP 35,347 to 35,675 will continue to act as resistance.
We are in correction mode, correction might be zig zag or flat that time will tell.
If it's zig zag correction, max pullback will end in gap area or if it flat, we might attempt to touch 36k
Overall the market is in range of 34,000 to 36,000, any big swing will come only outside this range.
Trading Strategy:- If we assume we are in AB move ( valid till 34,357 holds), we will buy in dips to sell in the GAP areas. Next levels of short positions will be decided later on if we see reversal from gap area or from 36k area or if the swing low breaks (34,357).
DP:- 34,920 (above +ve below -ve)
Decision Points :- Important reaction points where you might see actions.
35,347 (Weekly High), 35,192 / 35,495-35,636
34,357 (Weekly Low), 34,702
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be 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
