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

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

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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Hi, If BNF crosses yesterday's low near 18350, can we expect it to travel till 18150 ?
@nirav5, Yes likely there is a pressure & going below 18350- ban will fall, but Need to check how much more it can drop further.
nirav5 AbhishekHSinghCMT
@nirav5, Hi Nirav- Avoid BN selling below 18350 it could be trap infact look for buying above 18500-if sustains
nirav5 AbhishekHSinghCMT
@AbhishekHSinghCMT, Thanks Bro. I will reduce the planned quantity.
@nirav5, If you want to take sell - take it, but with strict stops
nirav5 AbhishekHSinghCMT
I had sent a message in the morning in PM tab
Dear Abhi
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
@ajayww2, I was ready for this & that is the reason I confidently put c-wave on top in my previous analysis.