Bank Nifty for August 18th for NSE:BANKNIFTY by chirus409

Hi All,
I am posting my analysis here based on my knowledge and understanding of the market, please do your own analysis before taking any trades.

Market is looking Bullish as of now as per my Bollinger Band analysis and it may continue the Uptrend tomorrow also, but as tomorrow is expiry, both sides movement is possible, it may come down a bit and then continue the rally

My view for tomorrow:

Immediate Resistances:

R1: 39503

R2: 40145 (Please note 40000 is a round figure which also may act as resistance in between)

R3: 40555

Immediate Supports:

S1: 39096

S2: 38771

S3: 38632

1. Gap Up opening: Wait for a Retracement till 39503, and then if price action supports, go long. we can go long till 40000 to 40145, but if very huge gap up happens, pls check how the market reacts at 40000 and 40145 and trade accordingly

2. Flat Opening: We can go long till 40000 to 40145, but pls observe price action, price action should support the movement on the upside

3. Gap Down opening: Need to observe how market reacts at immediate resistance i.e. 39503, if market breaks this level and sustains above this level, then up move till above mentioned levels is possible. Otherwise market can test 39096 and 38771 levels on the downside.

Trading is simple but not easy, it should be simple.

Tip of the Day: Don’t follow any strategy which cannot be explained in simple words, any strategy should be easily understandable, then only we can make money. Don’t unnecessarily OVERLOAD your chart with 100 indicators and get confused, please check which indicators works best as per your trading style and practice those only. I only use 2 indicators as of now on my chart.

Please post your comments in the comments section on my analysis.

Reach out to me on 9989647590 for any other updates.

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