Thursday, 28 October 2021

My banknifty trading plan for 29th October

How did Banknifty perform on 28th October?

FII was bearish on the market and astrological view was negative. The market had a bearish move the whole day. It is the largest fall in the last 6 months.

The market went down from opening hours. Once BNF broke Gann support and AVWAP levels around, 40800, the market went in the grip of bears.

Today. multi-timeframe CCI indicator gave two opportunities to short BNF.

BNF took support on 34 cubes i.e. 39304. 

Option strike with the selling price 40000 PE, 40000 CE

Option strike with buying pressure 38600 CE and 39400 PE

Is the correction an opportunity to go long in banking stocks?

The trader enters the market based on price. Once BNF builds positive momentum in one hour chart, we will go long. Once the market gives closes below 20 SMA, traders can take bearish trade with SL at Gann resistance levels. 

I am planning to accumulate  HDFC bank and SBI bank for the long term based on the last one-year price performance and fundamental quality.

Trading plan for 29th October

Gann support and resistance based on natural numbers square

Resistance 39601 and support 39205. The range 38950 -39000 will work as strong support there are multiple AVWAP supports. moving average and Gann supports available.

Astroview is consolidation. Tomorrow moon star will change from Saturn star to Mercury star.

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