Bank Nifty Intra Day Trade Strategy for 22/6/21

21. Juni 2021

Bank Nifty Analysis - 20/6/21
Daily time frame – 34000-34100 Very Strong support
resistance 1– 34950, resistance 2- 35400

Upward trendline support - happens to be at 34000

5 min time frame - resistance at 34950 and support at 34700

Sentiment of the Market – Sentiment is Bullish

Intraday Action for Various Possibilities -
1) Opens Flat -
a) Goes Up- Buy CE only if it crosses 34950
b) Goes Down – Buy PE if it falls below 34700,
But if bounces back from 34700, then buy CE above 34950

2) Opens with Gap Up -
a) But Below 34950 - Buy CE only if it crosses 34950
b) Above 34950
i) Its going up - Buy CE only if it crosses 35150
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 34450
and if it breaks 34450 then Buy PE below 34400 till 34000 which is First Strong Resistance

3) Opens with Gap Down -
a) Above 34700 - Wait for it to bounce back from 34700 and buy CE trade above 34950 only
b) Below 34700 – If bounces back then Buy CE only 34950
If Keeps on falling then Buy PE up to 1st Target 34450 and then 34000, If at all reaches 34000 and does dot reversal then Buy CE above 34400.