subhagghosh

#BANKNIFTY Medium Term Positional View

Long
NSE:BANKNIFTY   NIFTY BANK
There is two big news out in the market in between long weekend:-

1. Farm laws: India PM Narendra Modi repeals controversial reforms
2. Reliance, Saudi Aramco call off proposed investment deal

#Banknifty has corrected 4081 points in the last 4 weeks, which proves the market knows everything in advance.

Any panic on Monday must be bought in, bad news out of the market.

Now back to analysis:- Swing of 30,405 to 41,829, 38.2% retracement comes to around 37,465 and 100 DMA is placed in 36,969 (100 DMA is hardly breached in the market in last 1 year)

Till the time market is above 34,769 nothing to panic about for long-term investors.

Falling wedge signifies price contraction and a decisive move is on cards.

When will be BankNifty out of woods:- closing above 38,450?

Panic shakes up the weak hand out of the market and smart money comes in during panic.

If you feel worth off, like it.

Regards,
SG .


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