subhagghosh

#banknifty analysis for 8th Mar (Monday)

NSE:BANKNIFTY   NIFTY BANK
#banknifty analysis for 8th Mar (Monday)

We are forming constantly Lower High, which is an exhaustion sign until 36455 is not crossed, avoid long.

A rising Wedge is not a good sign and the wedge is broken on the lower side. Island candles are getting formed which doesn't give a good signal and a minimum target of 33,900 is what I see on the chart.

Decision Line:- 35,710

Upper Targets:- 36,019 / 36,342 / 36,664

Lower Targets: 34,410 / 35,159 / 34,800 / 34,466


My basic analysis remains the same:-
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.

Ref:- Elliot Wave 1 H TF analysis:-
Regards,
SG

Comments

Hello sir SG. Is cpr indicator good? I'm in no profit no loss after using
+3 Reply
subhagghosh DalalStreetTrader
@DalalStreetTrader Not much of use.
+2 Reply
@subhagghosh, You're right. Thankyou
Reply
sir ji stay away ,?., seems tough volatility
+1 Reply
#banknifty next week.

34500 to 36500 is 2000 point range, mid point is 35750.

Above 35750 be in buy mode and below sell mode.

Simple funda🙏

Keep the things simple, because trade psychology contributions is 60% of your success.
Reply
crude near 70 dollars,real bomb for Monday index fall will happen
Reply
sgx closed +122, sell only if 35645 breaks.

if 35710 holds, go long with 70 point as SL.

targets posted on analysis
Reply
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