BANKNIFTY: 20214 strong resistance 20500 , support 19980 Currently BN is trading with in an inside bar, we may move side way with in 19980 _20462. It was given a bullish scenario in the past on crossing the TL at 19980 for a target 20430 _20560, which actually was a pivot, volatility and Trend Line confluence level , which worked well for a target up to 20462. But not crossed the upper TL blue.
If you find an inflated target on title, please understand it required time. Same way if you find a lower target, it can come only if the supports break. Why I am telling this, because, market is always waiting for external influences for boosting the trend, and we are again waiting for the state results in few weeks now. If we break above the trend line 20462, we will definitely reach to 21600 next. On the other hand, if :D BJP lose any state not technical but, on break of 19980 yes just below 20k, we will fall to minimum 19370 level. Due to vagueness in wave count, I am not putting it here. But one thing we are in a new impulse wave, that mean wave 1. That tells us, we can expect more than a 38% correction in wave one. Please bear with me, I am afraid a long write up. Nobody will read all this blahh balh, people need certain levels that is all. But unless you understand it yourself, how, on what basis this levels are assumed. You can act well on nearing that level. Not desperate for any fame, but I would like to know who all really like to read it. I know that it is not anything special or highly technical. You may be getting a better or similar idea, but vital to know, as I am spending my valuable time for supporting the viewers for knowing the trend at least.
Comments
venkaticr
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Keep it up. Before election results it went up. Keep sharing your views. Your above message is not acceptable on that day but now able to accept yesterday. It is not BJP result but RBI Gov. views. Amazing. Continue writing your views. Please share your next week BNF movement.
padiyara
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@venkaticr, I request others too, to read and understand your, blogger, what he really is.
An everyday write up will make lot of misunderstanding, as people use to forget the main VIEW, like many analyst, they forget to keep the preceding trend in face value. Our current main trend is BULLISH, and what ever say down, is just corrections only. Until it breaks below a 38% retrace at least. How to draw the picture of a dragon in pigeons costume.
Thank you, for digging it out before my attempt.
jagkiran
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Thanks for details , please keep it up , J Joshi
vanathi
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If you dont write long, people wont click the post and read. I like writing and reading. Few ideas of mine are in two lines, dont know whether people reading it or not :)