AbhishekHSinghCMT

Bank India- Out in Time at 115.60- Slips to 112.15 lows

Long
AbhishekHSinghCMT Updated   
NSE:BANKINDIA   BK OF INDIA
4
Financial Markets never move in a straight line which was evident as well & we were fortunate enough to get out of Bank India right at the top@115. 60- I am talking from a traders point of view & those who are long term players can hold it till BnkIndia Kisses the top zone 122-124 with key level-109.45 & critical level-108 intact. Intact means Bank India should not go below 109.45 in the first place.

I am still keeping my counts as it is -which could possibly be a-b-c for a W- wave & then this fall from 115.60 to 112.15 as X-wave-that's an alternate count- not discussing at the moment-as it is premature.

Likely we should see a move above 115.50 but yes with strict stops below 109.45 -which is Laxman Rekha for me- any price dip below 109.45 shall change the whole game.

Kissed 115.60 & U-turn

Time for Bank India to Dance

Keep a watch above 113
Trade active: 09:45 Hrs 24th Oct2016

Trading@115.15

Bank India Moves up as expected close to previous session highs@115.60
Trade active: 09:08 Hrs 25th Oct2016

Let us wait for some pull back in the zone 113.20-113.75 & above the lower trendline.

Likely as I said it is medium term is up only unless 109.45 is broken -key level - now shifting that key level to 112


Comment: 09:12 Hrs 25th Oct2016

But this patten discussed in main update gets invalidated only when 109.45 is broken downside
Trade active: 08:12 Hrs 28th Oct2016

Last Price@113.55

Staying above the zone 113.20-113.50 will be positive & going beyond mini tripple top in the range 115.80-115.90-115.70 shall open room for upside.


Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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