Beating Beating --Bears are beating the markets - got a short bounce till 19850's only
Zone of 19250-19275 is a strong support zone as shown in the chart.
Any further selling will be taken below the zone 19250-19275
Finally Running Green Candle from lows@19316
Going below 19300 is a bad sign- for Bank Nifty
Let us hurry in BN as well as Nifty is not giving confidence of bounce
Again it kissed 19240 so likely book profits & let us wait for tomorrow because BN is holding the zone of 19250-275
Heading for 3rd wave - looks like follows in Nifty Shoes
As suggested below in the comment section-selling won't be advisable below 18350 & going above 18500 & sustains could push BN close to 18700-18750 to relieve the oversold indicators
Now keep a watch for BN going below 18320-18325 zone for new lows- likely should be the last one before we start upside for happy new year 2017- It seems -upside move will be retracement & not expecting big bull moves unless wave-2 top@20310 is taken out for months to come forward.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
2000 point in 2 days in BN , surely it was not natural some kind of illegal practice done between fii Vs fiis/fiis vs diis/diis vs diis. U can see that almost everybody's trading system either stopped to work or went out of range.From the next day it is coming down and it should come to the normal rage of market.I m actually trading on logic because of my poor knowledge in advance trading strategies.In more or less I m not losing much money in the market and making some profit which is always greater than loss.I want to say that while analyzing such situation I think it is better to ignore such period of unnatural movement to get a clear picture of the market.In our engineering language noise or external interferences which should have to be filtered out to get a clean source.Thank U