AbhishekHSinghCMT

Bank Nifty- Roller Coaster Ride of 2000 points & Next IT Raids

Short
NSE:BANKNIFTY   NIFTY BANK
8
As expected for deep retracement- 10th Nov2016 session likely shall be ending the c-leg of the structure within wave-2 & we could be close to end 2nd larger wave of the pattern.

Our Invalidation Level-
20576 is very important from the structural point of view- as 2nd waves cannot retrace more than 100% of 1st waves & 1st Wave started at 20576- so, 20576 is a key resistance level .

Leading Diagonal in Wave -1 which has been retraced 80% in Wave-2 at current levels of 20283

This 2nd wave was amazing as it has seen roller coaster ride.

What Next?

An Exciting Question- which has no end- So, let us continue- last night- in an unprecedented move from Income Tax Department across Delhi, Mumbai. Ludhiana, Chandigarh can shock the markets in the coming session of 11th Nov2016- well, it's too early to comment anything but if our key level@20576 holds on top- we shall look for another connecting piece of the market- which is a downside.

Last but not the least- suggested in earlier updates that this structure can deceive bulls- with no way to exit.

Hope you enjoyed the upside rally in C-wave
Trade active: 14:38 Hrs 11th Nov2016

Last Price 19735

Bank Nifty- Brother of Nifty - Goes in the gap zone from the day's top amazing!

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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