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subhagghosh
May 14, 2021 6:25 PM

#banknifty analysis for 17th May'2021  Long

Nifty Bank IndexNSE

Description

#banknifty analysis for 17th May'2021

Decision Line:- 32,318 (Above positive & below negative)

Resistance:- 32,650 / 32,804 / 33,150 / 33,297 / (33,320 - 33,455 )

Support Zone :- 31,888 / 31,321

Positional upside target is 34,060 - 34,815 (Impulse Wave 5 target) & 34,130 - 34,442 (Diagonal Wave 3 target)

One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.

Regards,
SG
Comments
dg1342
Positional upside target is 34,060 - 34,815 (Impulse Wave 5 target) & 34,130 - 34,442 (Diagonal Wave 3 target)
What is the timescale to achieve theses targets? Please advise
subhagghosh
@dg1342 3 to 7 sessions
dg1342
@subhagghosh, Thank you!
subhagghosh
Hope u all enjoyed 🙏
tejaswadubey
Thanks for sharing but The overall structure is a falling wedge, so in broader perspective the market has more downside remaining and may touch 30000 once again, as per my analysis, no doubt there may be spurt on upside but it is very limited I dont see 33200 being broken anytime soon.
subhagghosh
@tejaswadubey I posted what I saw, let market decided where to go.

Market is Supreme 🙏
ExpertsTrade
@tejaswadubey, if 31900 break on Monday 30500 will also be possible in next week
OmNamahSivaya
@subhagghosh... you are awsome ji..
srinivas116
SUPER BRO GOOD ANALYSIS
relievedLeader
Hi... I hv 34200CE ...shall i hold or leave tomorrow..
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