Reason for shorting:
As per Elliott Wave theory, Bank Nifty has completed the 1, 2, 3, 4, 5 moves, and wave 5 went up in a contracting triangle ED (Ending Diagonal).
It has completed a degree, and now we are expecting a correction. Based on Fibonacci retracement levels, our minimum targets are 0.618 and 0.786.
Time Frame: Weekly
Stop Loss: Above ATH (51130)
Targets: Mentioned in the chart
Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
As per Elliott Wave theory, Bank Nifty has completed the 1, 2, 3, 4, 5 moves, and wave 5 went up in a contracting triangle ED (Ending Diagonal).
It has completed a degree, and now we are expecting a correction. Based on Fibonacci retracement levels, our minimum targets are 0.618 and 0.786.
Time Frame: Weekly
Stop Loss: Above ATH (51130)
Targets: Mentioned in the chart
Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.