AbhishekHSinghCMT
Long

Bank Nifty- Sustaining Above 19470-Important

NSE:BANKNIFTY   NIFTY BANK
385 6 3
(( )) - means circled
Yesterday, It was really exciting day- When Nifty             travelled from top 19500-19570 zone's to 19300-19325 which I expected it will travel 38.2% of the rise from 19000 to 19512 (19512 was the last high available to me before market opened yesterday) but hardly any difference as BN opened at 19571 & started falling so our zones 38.2% would hardly have shifted.

As expected that ((3)) wave is sub dividing into its own series of (1)-(2)-(3)-(4)-(5) - where we took advantage of (4) th             wave within ((3)) wave so likely, we should continue to the desired zone of 19650-19675 where it will complete 361.8% of ((1)) wave

As waves is subdividing so ((3)) wave is travelling such a high distance like 361.8% of its respective wave-((1))

Warning
Likely you should book some profits close to yesterday's high@19570 & if crosses then hold for 19650-91675 zones.

Previous Report
Heading upside for 19600 post retracement
Bank Nifty- Heading Upside for 19600 post retracement
Trade active: 11:30 Hrs 20th Oct2016

Trading@19700

Session High@19721

Looking for a pullback in the zone 19550-19575 for future buying


snapshot
Trade active: 12:10 Hrs 20th Oct2016

Trading@19640

Session low@19611

Close to level expected above but it not downtrend be careful as likely we are interested to buy if we get 19550-19570
Trade active: 12:53 Hrs 20th Oct2016

3rd attempt from morning back 2 back
Bang On - BN makes 19569 low which was earlier swing high & bouncing so we will enter into longs with stop below 19650.

snapshot
Trade active: 13:53 Hrs 20th Oct2016

Trading@19620

Going below 19600 - we will exit current buy position or hold your position with 19599 stops.
Trade active: 13:44 Hrs 20th Oct2016

Previous update was at 13:23 Hrs

Trading@19660
We will book at 19650 & shall wait outside of markets on sidelines -to see further action
Trade active: 14:13 Hrs 20th Oct2016

We traded as shown in arrows & almost 300+ points in Bank Nifty Today. Currently exited at 19650 -Looks like W-X-Y pattern. The Y wave could be equal in size to W wave at 19540-19550's.

So, If that zone holds 19540-19550 - we will likely see a push to the day's high-19721 again.

snapshot
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
kya baat hai sir,,,,Nice...
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My God -I am getting goosebumps- almost neck to neck 3 times first long above 19470 opening session for 19675 then fall from 19700 to 19570 -Then long again from 19570 to 19650.
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MukeshRajpurohit AbhishekHSinghCMT
Sir ab next level plz
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okk ur analysis rockks
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sir ..thanks for posting .. there seems to be a small typo in first line ( it sud be Bank nifty instead of Nifty)
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Sir- Chart Bank Nifty ka -so one should understand -mistake ho jata hai.
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