Nifty Bank IndexShort
Growth versus value.
Significant shift of Fii positions from Indian market
to chinese market has dragged Nifty below 25000.
Bank nifty just not faraway from violating 50000.
Recent surge in bank nifty was expanded flat.
In that case it can go below A.
The recent fall in bank nifty is C wave only.
C wave completes in 5 waves.Bank nifty has touched 23.6 percent today.
Probability of going down to 38.6 percent level is there.
Normally 4 th wave retraces 38.6 percent.
In that case also bullish ness of bank nifty will not be gone.
As long as 4 th wave does not enter in to the territory of 1 st wave.
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to chinese market has dragged Nifty below 25000.
Bank nifty just not faraway from violating 50000.
Recent surge in bank nifty was expanded flat.
In that case it can go below A.
The recent fall in bank nifty is C wave only.
C wave completes in 5 waves.Bank nifty has touched 23.6 percent today.
Probability of going down to 38.6 percent level is there.
Normally 4 th wave retraces 38.6 percent.
In that case also bullish ness of bank nifty will not be gone.
As long as 4 th wave does not enter in to the territory of 1 st wave.
Like this post if it helps you.
Follow me to get updates
Note
please enlarge the chart to view clearly.Note
In extreme bullish cases 4 th wave can retrace only 23.6 percent.so we should not jump to sell on gap down which is appearing from Gift nifty,so observe closely.Sanghai china's main matket was up 10 percent initially now just above 4 percent.
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