Banknifty looks to have completed Wave "a" 5 wave structure and currently in wave "b" which double zig zag correction towards 0.618 fibonacci level.
Short can be initiated if opens below 35533 for target 34400-300 with SL 35623
From zones near 0.618 fibonacci level 34400-300 expected to take support and bounce up as wave "c" for any of 3 targets 35000-300-450
Just for study purpose only and should not be interpreted as a proposition to buy or sell in any securities. Investment are subject to market risk.
This analysis can go wrong as well so trade at your own risk. Won't be responsible for any loss.
Short can be initiated if opens below 35533 for target 34400-300 with SL 35623
From zones near 0.618 fibonacci level 34400-300 expected to take support and bounce up as wave "c" for any of 3 targets 35000-300-450
Just for study purpose only and should not be interpreted as a proposition to buy or sell in any securities. Investment are subject to market risk.
This analysis can go wrong as well so trade at your own risk. Won't be responsible for any loss.