Bank Nifty Intra Day Trade Strategy for 29/7/21

28. Juli 2021

Bank Nifty Trade Setup for 29th July,2021 –
Bank Nifty Closes At 34532
Daily time frame – support – 33930
resistance - 35150

5 min time frame - resistance at 34950 and support at 34400

Sentiment of the Market – sentiment is neutral

Intraday Action for Various Possibilities -
1) Opens Flat -
a) Goes Up- Buy CE only if it crosses 34700
b) Goes Down – Buy PE if it falls below 34400 with a big strong candle or if u want to play safe wait for it to fall below 34100

2) Opens with Gap Up -
a) But Below 34700 - Buy CE only if it crosses 34950
b) Above 34700
i) Its going up - Buy CE only if it crosses 34950
ii) Its going down -Wait for it to bounce back from 34700 and buy CE when crosses 34950
if it breaks 34700 - then no trade till 34400
and if it breaks 34400 then Buy PE below 34400 uptill 34100 and if it breaks 34100 then u can wait to exit till 33930

3) Opens with Gap Down -
a) Above 34400 - Wait for it to bounce back from 34400 and buy CE trade above 34700 only.
If it breaks 34400 with strong red candle then buy PE at 34400 up to 34100
b) Below 34400
Keeps on falling then Buy PE up to a fall of 33930, support present at 34100

These Levels are for Safe Playing Traders Only and during Live Trading you can always make profit from Scalp Trading between these levels as per market volatility and your own risk reward capacity