Description
⋅ Bank Nifty Trading Strategy for 13th July'2020
#banknifty:- BankNifty closing below 22480 (which used to a strong resistance is a sign of bearishness).
SL for all long trades:- 21,350 ( SL triggered for long on an intraday basis but holds on a closing basis)
Decision Zone 22,022 - 22,170
#banknifty if starts trading below 22350 for an hour, then we have the 1st downside target of 21,650 as opened.
Will review the chart once the 21,650 is achieved.
The current up move wave 5 which was projected to be completed at 24,350 seems to be completed at 23,080.
We expect an ABC correction, where 21650 seems to be a logical target.
One separate analysis, I will try to post the short term view on #banknifty.