What a start to Bank Nifty in 2017- Key Level-17828 acted twice as a support- on 2nd Jan2017- made day's low@17844 & jumped 200+ points & today even closer from 17828- day's low@17830.
Currently trading@18050- Isn't that amazing -how key level work like a magic wand at times is evident by Bank Nifty bouncing above key level-17828- "did you use it"
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10:26 Hrs 3rd Jan2017
Last Price@18057
Any move below 17800-17828 -you know what will happen- do I need to even tell you?
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07:20 Hrs 4th Jan2016
Last Price@18035
A break of 17800 will show us the next leg down with target 17600 first or any pullback to 17900-17930 zone & pushing above 18100 is open for target zone 18300-18350+
So, let us wait & watch for market action.
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12:25 Hrs 4th Jan2016
Last price@17961
Day's Low@17936
As expected pullback in the zone 17900-17930 is almost done or close by - Any poke above 18100 will boom for Bank Nifty.
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11:53 Hrs 5th Jan2016
Last Price@18075
In yesterday's session, it went to 17868 -our key level @17828 & overnight also had dollar rupee capsule, which is providing necessary support & helping BN to regain its lost power.
Heading Close to 18100-18110 zone if crosses- most likely it travels to 18300-18350+ on lower expectation. Crossing 18350--Next will be 18420-18450.
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12:25 Hrs 5th Jan2017
Last price@18082
Its finding tough to cross 18100-18110 - Likely book partial profits & enter again only above 18110 -if sustains
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18:37 Hrs 8th Jan2016
Last Price@18264
Crosses 18110 & sustained to touch highs at 18325 in last trading session as updated below in the comment section.
Now going above 18325 shall travel upside again for 18450-18475 -once need to book & wait at the sidelines.
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08:35 Hrs 10th Jan2017
Last price@18285
Once Nifty sustains above 8300 -Likely shall help Bank Nifty to push in the zone 18450-18470 where next resistance could be seen.
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10:37 Hrs 11th Jan2017
Last price@18625
Crossed 18580-18600 zone -next we are open for 18710-18740 zone
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10:45 Hrs 11th Jan2017
Last Price@18625
hello price has just rallied upside do not jump in trade immediately look for a pull back in the zone 18500-18535 -if holds then enter for buying.
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11:27 Hrs 11th Jan2017
Last price@18700
Sorry guys -we did not get the pullback to buy as we are interested only in buying.
Comments
nirav5
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Yes buddy. Super :)
venkaticr
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ok
WaveTalks
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@venkaticr, So, That's why avoided sell jumped from 18680-18790(new high)
venkaticr
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@AbhishekHSinghCMT, Yes. I got it. FII is in full swing in buy mode it seems after a month long selling. Else it will rise so drastically.
venkaticr
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@AbhishekHSinghCMT, Whats happening. Bank Nifty on full upswing but other Asian and European markets are not moving. Can you please update?
WaveTalks
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@venkaticr, See, try & understand not all markets are correlated -if you are trading keeping that in mind- it could be a problem as that is not primary confirmation- it has to be taken as secondary confirmation. First prices of respective financial instrument have to be given weightage. There is a saying- if all are falling from their bed that does not mean you will also fall from your bed. I don't deny that at certain point they start co-relating so this "co-relation" is a very big discussion topic & needs expertise for this kind of market analysis - called - "Intermarket Analysis or Relations". Likely European Markets I see some retracement short term 1-3 days before they start their final leg upside & could be top in 2017 as I keep telling Jan-Feb 2017- Bulls have to be careful.
venkaticr
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@AbhishekHSinghCMT, Good Explanation. Thanks for sharing.
venkaticr
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Can we short Bank Nifty at 18720 for 100-150 points?
WaveTalks
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@venkaticr, Yes, there could be a possibility - but let me come back to you in a short while.
venkaticr
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Yes. thanks. Exited 18300 call bought at 115 to 2111. Good Analysis. Keep it up. and thanks once again.