Friday, 29 October 2021

Banknifty for 1st November

 How did BNF perform on 29th October?

Banknifty future corrected further today. November future closed at 39443. The market made panic low in the morning and traded in a range the whole day. BNF formed a long leg Doji candle above 20 MA in the daily time frame. As long the market closes above 20 DMA, will consider this as a normal pullback. 

baf-eod-tradingview-chart

BNF took support at Gann levels 38805, AVWAP levels 38800 to 38900 levels twice. 

In my view, BNF will give multiple opportunities to trade for small targets. 

Multi timeframe indicator gave a sell signal on 27th October at 14:40 PM. Set up gave multiple opportunities to pyramiding on 28th Oct 11:15 Am,13:10 PM, 29th October 9:55 AM, and 14:35 PM.

The trade setup is still in bearish mode. Till now setup gave more than 1500 points in BNF. Bear should hedge their trade as the market can bounce back.

I prefer to follow a simple price chart and my setup as it gives clarity to traders.

Banknifty chart view for 1st Nov 

Bank nifty aaj kaisa rahega is a common question on my youtube and Instagram channel. 

Trader trade chart and do not predict market direction. I will continue in a bear trend with ITM call hedge. This hedge will help me to protect my profit.

I am an avid follower of the Gann Astro trading method. Hence, I also refer Drikpanchange to check the NSE chart for the day.  Based on planetary combinations and by the habit of planets, it looks like the day will confusing.

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