AbhishekHSinghCMT

Bank Nifty- Bang On for Start- Surprise U-Turn-What Next?

AbhishekHSinghCMT Updated   
NSE:BANKNIFTY   NIFTY BANK
Bank Nifty also corrected 500-600 points from day's high zone 20300-20350 -very similar to Nifty & scared all the bulls- Let us wait for some bounce to decide its move ahead.

Likely for the bounce we want BN to move above 19800 & sustain for a few minutes.

2000 points rally in Bank Nifty
Trade active: 12:33 Hrs 15th Nov2016

Last Price@19330

Beating Beating --Bears are beating the markets - got a short bounce till 19850's only
Trade active: 13:12 Hrs 15th Nov2016

Last Price@19360

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
Trade active: 13:41 Hrs 15th Nov2016

Last Price@19426

Finally Running Green Candle from lows@19316

Trade active: 14:01 Hrs 15th Nov2016

Last Price@19331

Going below 19300 is a bad sign- for Bank Nifty
Trade active: 14:18 Hrs 15th Nifty2016

Last Price@19365

Let us hurry in BN as well as Nifty is not giving confidence of bounce
Trade active: 14:18 Hrs 15th Nov2016

"Not Hurry"
Trade active: 15:23 Hrs 15th Nov2016

Last Price@19290

Again it kissed 19240 so likely book profits & let us wait for tomorrow because BN is holding the zone of 19250-275
Trade active: 17:06 Hrs 21st Nov2016

Last Price@18446

Heading for 3rd wave - looks like follows in Nifty Shoes
Trade active: 12:29 Hrs 22nd Nov2016

Last Price@18372

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
Trade active: 06:13 Hrs 24th Nov2016

Last Price@18540

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.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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