What a day it was for BankNifty today !!! :) :) :) Big SMilesss on puts for me...after breakdown of support as shown yesterday! Hope you had a great day too !!! Bless You !!!
Dow theory ! Yes, Dow theory is not bent yet! Trend is our friend until it bends. Applying Fib retracements from each significant Low, the reversal is coming from a 50% level. So, expecting a reversal from the 50% level 34830 - 34960 where there is a gap too. This gap may act as support. Or it might get partially / completely filled before resuming upward journey.
Contrary view : There is a red inclined Trendline. If it breaks, then aggressive shorting below 34630 level seems good for immediate targets of 34000.