Bank nifty futures 26 July 2023 Live : FII’s Trading Strategy

15.15PM : Bank nifty futures – Intraday 300+ points move

Bank nifty futures 26 July 2023 Live : 3 min chart

banknifty futures 2.40pm 26july2023

In the morning, we reminded of an inverse head and shoulders pattern and a 38% Fibonacci retracement level at 45920,This combination presented two excellent buying opportunities. The target for this trade was near the channel top confluence with the 61.8% Fibonacci level at 46090. Excitingly, BankNifty actually reached the high of 46090, allowing intraday traders to capture more than 300 points in profit.

The Impact of Elliott Wave Theory: A Case Study with FII Data and BankNifty’s Performance

Elliott Wave theory is something I’d like to mention here. It’s a popular market analysis tool and often referred to as the “GPS of the market” because even big players utilize it in their trading strategies. For those skeptical about its effectiveness, consider looking at the FII data. On 21st July, when BankNifty made an all-time high at 46360, the Foreign Institutional Investors (FII) were sellers, and this marked the start of a down wave (labeled w-x-y-x-z). BankNifty experienced a significant decline from 46360 to 45650 (that’s more than 700 points) as part of this wave pattern. Interestingly, when the wave completed (likely the end of wave z), the FII turned buyers on 25th July 2023, and BankNifty bounced back from 45650 to 46090 (which is over 400 points so far).

This sort of correlation between Elliott Wave analysis and real market movements is what makes it valuable to many traders. If you want to explore more about Elliott Wave analysis and how it can benefit your trading strategies, we invite you to attend our upcoming webinar : “Unlock the Secrets of Successful Trading”

12.40PM : Bank nifty futures – met target 1

As expected, the intraday movement of Baknifty futures completed wave A, which consisted of subwaves abcde. Currently, the market is undergoing a bounce for wave B. Based on this anticipation, today we decided to explore a buying opportunity, and fortunately, it turned out to be a profitable decision. We confidently re entered near the low of wave A for catching the rally of wave B.

bnf intraday 26 july 2023

11.20AM : Bank nifty futures – completed subwave abcde

Banknifty future completed internal subwave a-b-c-d-e from 46035 to 45885 and now expect one more bounce towards  46000. it will be again buying opportunity to look for near 45900

10:50AM : Bank nifty futures : Century move captured

We had foreseen an essential Fibonacci level near 45920 in the Bank Nifty future, along with an inverse head and shoulders pattern, which is a bullish indication, complemented by the presence of an upward moving channel on the chart. This combination hinted at a potential buying opportunity.

Following our analysis, we made a strategic decision to go long on the Bank Nifty future, and it turned out to be a successful move as banknifty future made high 46035. We were able to capture a century move during the morning session.

Banknifty futures live chart century move captured

10:05AM : Bank nifty futures buy triggered

Buy bank nifty futures near 45920–45950 with SL  45830

09:45AM : Bank nifty futures 26 July 2023 Live 3 min Chart

Bank nifty future completed a consolidating wave WXYXZ, covering the range from 46360 to 45650, resulting in a retracement of approximately 700 points on the downside. The Fibonacci retracement levels for the entire move were calculated, and it was found that the 38% Fibonacci level comes near 45920, while the 61.8% Fibonacci level comes near 46090. Looking for buying opportunity

bnf 26 july 2023 9.45am

Risk Management:

Implementing effective risk management strategies is crucial in navigating the financial markets, especially during critical phases like Bank Nifty’s all-time high. Proper stop-loss orders, diversification, and disciplined trading can safeguard investments and improve long-term success.

Disclaimer:

The information in this article is for general informational purposes only and not financial advice. Trading involves risks, and past performance is not indicative of future results. Readers should conduct their research and seek professional advice before making financial decisions. Trade responsibly.

Happy Trading !

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