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Bank Nifty Trading Strategy for 29 January 2020.

Bank Nifty Trading Strategy for 29 January 2020.


This sentiment is Berish: - If we start a business above 31,480, the trend is positive.

Recent High (January 10): - 32,347 and Recent Low (January 22): - 30,614

23.6% 31,938.012 Pending
38.2% 31,684.994 Pending
50% 31,480.5 Pending
61.8% 31,276.006 Crossed
76.4% 31,022.988 Crossed

ZONE 1:- Weekly Supply / Resistance Zone:- 31,380-31,480.
ZONE 2:- Weekly Supply / Resistance Zone:- 31,650-31,750.

ZONE 1:- Weekly Demand / Support Zone:- 30,592-30,730.
ZONE 2:- Weekly Demand / Support Zone:- 29,955-30,150.


Tomorrow Supply / Resistance Zone:- 30,980-31,045.
Tomorrow Demand / Support Zone:- 30,592-30,730.

Pivot Zone:- 30789-30856 Above +ve below -ve


IMPORTANT LEVELS FOR BANKNIFTY


S: 30642, 30580, 30480, BLOOD BATH
R: 30786, 30907,30999, 31083, 31170, 31275

30,500-31,300:- 800 point range.

There are two types of trades:- Range Trading and Breakout Trade.

1. Bullish Range Trade:- Buy in support zone (30,592-30,730) SL 30,500 Target is supply zone (30,900-31,045 / 31,180-31,280) else you can book 200 to 300 points and close your position.

2. Bearish Range Trade:- Sell in resistance zone (30,980-31,045) SL 31,090 Target is supply zone (30,592-30,730 / 29,955-30,150 ) else you can book 200 to 300 points and close your position.

3. Breakout Long Trade:- I don't prefer to belong until 31,480 is taken away conclusively. I will belong above 31,480, SL 31,240 T 31,600/650/700/750.

4. Breakout Short Trade:- Short below 30,592, SL 30,844 Target 30,150/30,050/29,955 else you can book 200 to 300 points and close your position.

I have a traders community on telegram https://t.me/IndianStockMarketTraders ( it's a community to share ideas, no charges), you can follow real-time market analysis and post your's view as well.

Note:- Multiple levels have been populated, how to trade those levels, you can get realtime market calls on the telegram h@IndianStockMarketTraders

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