Bank Nifty Trading Strategy for 8th June'2020
#Banknifty 21,187 seems to be in 5th wave of the current upmove.
The target of wave 5 is a min of 61.8% to 123.6% of Wave 1 ( 17,313 to 19,450: 2,137 Point).
Today's high is 21,805 which is 69.3% of wave 1, so we rally don't know wave 5 of the up-move is completed or not, which we will come to know in a few days.
If the current upmove continues the target on upside comes to 22,454 (100% of Wave 1)-22,660 (38.2% of fall - 31,649 to 17,105) zone ans next target is 24,194 (123.6% of wave 1 ) - 24,377 (50% of fall - 31,649 to 17,105).
The current up move structure will remain valid, till 20,317 holds.
All positional SL of long is 20,317.
I will prefer to buy in dips with SL of 20,317 as SL or I will try to capture breakout trade above 21,967 for higher targets.
My decision zone for tomorrow is 21,317 - 21,187, above +ve and below -ve.
The only area of concern of the bull run is RSI divergence seen outside the outbought zone.
The target of wave 5 is a min of 61.8% to 123.6% of Wave 1 ( 17,313 to 19,450: 2,137 Point).
Today's high is 21,805 which is 69.3% of wave 1, so we rally don't know wave 5 of the up-move is completed or not, which we will come to know in a few days.
If the current upmove continues the target on upside comes to 22,454 (100% of Wave 1)-22,660 (38.2% of fall - 31,649 to 17,105) zone ans next target is 24,194 (123.6% of wave 1 ) - 24,377 (50% of fall - 31,649 to 17,105).
The current up move structure will remain valid, till 20,317 holds.
All positional SL of long is 20,317.
I will prefer to buy in dips with SL of 20,317 as SL or I will try to capture breakout trade above 21,967 for higher targets.
My decision zone for tomorrow is 21,317 - 21,187, above +ve and below -ve.
The only area of concern of the bull run is RSI divergence seen outside the outbought zone.
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