Nifty Bank Index

Expiry Special Analysis for 27th Aug'2020.

1251
#banknifty OI 12% and price up by 1.39 % shows long buildups.

Now Every Resistance that we had, has turned into support.

Upside target's opened are 23,568 / 24,284 / 24,328 / 24,556 as long as 22,410 holds.

Will I short in this market? Yes, below 23,198 I will short.

Elliot Wave:-

Wave 1 :- 21,403 - 22,410
Wave 2 :- 22,410 - 21,901
Wave 3 :- 21,901 - 23,568 (1.618 of wave 1) - In progress.

Wave 4: 23,568 - 23,210 - Not started
Wave 5 : 23,210 - 24,328 - Not srarted

Now the question is where the setup will fail?

If #banknifty breaks 22,410 the setup fails.

Decision zone:- 23,322 - 23,198

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.