Bank Nifty Trading Strategy for 2nd Sep'2020

#banknifty OI up by 8.35% and price up by 0.24 % shows the almost neutral position in FNO.

What I mentioned on Yesterday:- "My view is LONG on the index, contrary to the majority of analysts"

We still have the upside target of 25,827, so still have 500 to 1000+ points on the upside.

Three targets are 24,526 / 25,232 / 25,827

All SL for long is revised to 23,385.

#banknifty has given breakout above 23,220 after 2 months of consolidation (21,027 - 23,211 i.e 2,184 points range).

Upside target's opened are 23,517 (completed)/ 24,364-24,524-24-556(completed) / 25,395-25,670-25,923 / 26,311 as long as 23,385 holds.

GAP 25,923 - 25,670, 253 point gap in March, as a normal rule market always returns to fill up the gap.

This gap will also act as resistance.

Fibonachi Analysis :- 32,613 - 16,116

23.6% 20,009 Done
38.2% 22,418 Done
50.0% 24,364 Done
61.8% 26,311 Pending

Strong Resistance:- 24,364 - 24,556
Strong Resistance:- 25,670 - 25,923

Strong Support:- 23,200

Elliot Wave:-

Wave 3 can be 161.8% to 261.8% or 461.8%

Wave 1 :- 21,403 - 22,410
Wave 2 :- 22,410 - 21,886
Wave 3 :- 21,886 - 25,232 (332% of wave 1) - Completed
Wave 4 :- 25,232 - 23,385 (44.7% of Wave 3) - 1847 point (we assume it's completed, if not can till 23,165.)
50% 23,559 Done
61.8% 23,164 (Might or might not be)
Wave 5 :- 23,385 - 24,526 / 25,232 / 25,827

*Wave 5 is typically 61.8%, 100%, or 123.6% of wave 4

Decision Zone [ 23,946- 24,143]


Note:- Trade the levels, levels are staircase, you take small steps to go ahead.

Trade what you see, not what you feel, trading is all about making money and nothing else.
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