#banknifty analysis for 8th June'2021

#banknifty analysis for 8th June'2021

Decision Line:- 35,524 - 35,595

Resistance:- 35,960 / 36,326

Support Zone :- 35,370 / 35,142

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.

SG .


Same chart I made
+7 Reply
subhagghosh mansingn
@mansingn, Thank you, I seem to be on right track.
+1 Reply
Yes . It is for sure . 5 th sub wave going on of 3rd wave ( not bigger one tho )
sir why is BANKNIFTY is not taking bullish move like NIFTY , and recently last Wednesday nifty in bearish mode and BANKNIFTY take bullish move only for 1 day. why these thing such happens, when both were similarly same. Rising wedge in nity is also at going to be on good correction. but BANKNIFTY is already in bearish mode. if nifty correct 3% in , what happens in BANKNIFTY .
mansingn tradebulls1999
@tradebulls1999, we need to understand impulsive wave and corrective wave and their nature in the market . . Right now rising wedge on the way where banknifty behaving as the way it should be . Nifty has perfect impulsive wave chart right now , nifty was never bearish I guess . 3rd impulsive wave going in nifty . Banknifty already done with 3 impulsive waves for short term . Tomorrow it will go up to complete 5 th subwav .
Heading for Lakshman rekha
I am waiting for 34920 to break for final confirmation.
+5 Reply
DivyaDD subhagghosh
Banknifty bullish tomorrow? What is the possibility
for 35600 tomorrow
35k area is a good demand area to go long, with PCR at 0.55 , it's highly oversold.
+2 Reply
DivyaDD subhagghosh
@subhagghosh, What is PCR sir? How to check it?
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