What do I see?
#banknifty high 36,317 and price is trading above all DMA (5/10/20/50/100) & important pivots (around 35,933 to 35,957).
Wave 4 marked in the chart competes at 35,612 or we are in Wave 5 which has min targets of 36,414 & 36,914 on the upside, is still a question.
OI data turned negative, do I short here? No, OI data keeps changing based on positions, don't read much into it until it's an expiry day.
Should I go long or short? No, when the price is above MA & pivots, why take contra trade.
Should I go long? Yes, buy-in dips have to be the strategy till the 35,200 area holds.
Should I chase up trades on the upside? You can, but the risk to reward is not in favor as compare to buy in dips.
Where should I short? Good Question, might be around 36,400 to 36,500 area with 75 point SL or at 36,900 to 37,100 levels.
Note:- If 36,500 holds, then we have 500 more points on the upside, blind shorting won't help, look for reversal signals.
#banknifty
Regards,
SG
#banknifty high 36,317 and price is trading above all DMA (5/10/20/50/100) & important pivots (around 35,933 to 35,957).
Wave 4 marked in the chart competes at 35,612 or we are in Wave 5 which has min targets of 36,414 & 36,914 on the upside, is still a question.
OI data turned negative, do I short here? No, OI data keeps changing based on positions, don't read much into it until it's an expiry day.
Should I go long or short? No, when the price is above MA & pivots, why take contra trade.
Should I go long? Yes, buy-in dips have to be the strategy till the 35,200 area holds.
Should I chase up trades on the upside? You can, but the risk to reward is not in favor as compare to buy in dips.
Where should I short? Good Question, might be around 36,400 to 36,500 area with 75 point SL or at 36,900 to 37,100 levels.
Note:- If 36,500 holds, then we have 500 more points on the upside, blind shorting won't help, look for reversal signals.
#banknifty
Regards,
SG
35,890 below short or above long for intraday.