AbhishekHSinghCMT
Short

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

NSE:BANKNIFTY   NIFTY BANK
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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
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Thanks,
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@AMBRISH, Welcome
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Well done Ashok ji.I more thing I want to know is What will be the expected length of C wave.?
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@ajayww2, Naam to mat badlo- I will come back with a name- Ashok in my next life--hahaha
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ajayww2 AbhishekHSinghCMT
@AbhishekHSinghCMT, ha ha ha
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Sir, is it suggested to short sell with stop loss of 20576 and can we continue holding the positions.

Thanks,
Murali
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@muralipochem, I guess we need to check how market opens up- SGX Nifty is currently 1.20%- yesterday night it was 1.75% down. so, if it opens gap down- I need to check & shall update this post.
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Sir BANKNIFTY Ko jaha chahe le jao, SBIN Ko upar jane dena 😄
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@krishgg, One thing we should learn from markets that never marry anyone -once we are emotionally attached - we feel lot of pain-when something unexpected happens.
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