BANKNIFTY- Possible Final Leg from 18723 Low- Happy Republic Day

In the truncated week with a holiday on 26th Jan2017. Wishing you all a happy republic day.

Hot keys for charts can be referred from tools vertical panel -question icon-keyboard shortcuts or image can be checked at http://i.imgur.com/AshoSDZ.png

Indian Chat room to talk with passionate traders & analyst across the region at https://in.tradingview.com/chat/#b4sFOMI...

This whole sequence goes into the bin if 20310 is taken out on top or these counts become invalidated.

A leading diagonal in wave-(1) from 20575 to 18825 is a rare structure where internal wave-4 is allowed to overlap wave-1 (the actual rule is wave-4 cannot overlap wave-1-which is allowed or relaxed for a leading diagonal structure).

Wave-2 is the most complex & looks like it is still unfolding in the form of W-X-Y internal waves.

Current position
We are in wave-Y of larger wave-2-- This wave looks like an irregular correction having internals ((a))-((b)) & ((c))

((c)) wave from lows@17605 has impulsive look having internals 1-2-3-4-5--- In ((c)) -it looks we have complete wave-4

Where wave-4 retraced 38.2% approx of wave-2-3 distance

Trading Strategy
We shall look for wave-5 which will complete wave-((c))- this wave ((c)) will complete wave-Y & finally wave-Y will complete wave-2
From close to 18720-18750's it was quite sharp up move@23rd Jan2017, but we will not hurry as we need to be sure that 18722 is not taken out to the downside -so,against 18722-we shall be looking for wave-5.

Important Junctures in Bank Nifty -how we captured some explosive moves in between since 20575 high has been attached below as "Related ideas"

Trade active: 09:37 Hrs 24th Jan2017

Last Price@18975

There is a resistance here in the zone 18980-19000 once taken out -possibly again boom upside

Sellers could stop bulls so partial profits can be booked & join back once it crosses 19000 mark
Trade active: 09:42 Hrs 24th Jan2017

Last Price@18971

Trade active: 10:32 Hrs 24th Jan2017

Last price@18951

As suggested, we need book partial profits & come back only above 19000 marks

Pullback cannot be denied -this pullback happens for those who want to go into long positions & have missed the buying opportunity.

Taking sell is for risky traders with stops above 19000 as one goes against the trend & trend is upside.
Trade active: 09:40 Hrs 25th Jan2017

Last Price@19167

Good Morning!

There is a resistance zone 19180-19185 where possible halt can happen else sustaining above 19185-19200 zone will take BN next to 19330-19350 zone.

Trade active: 10:39 Hrs 25th Jan2017

Last price@19155

Pull back to fill today's gap zone from 19055 can be possible -it will spend some time before it takes out today's resistance 19180-19185 zone for next higher zone between 19335-19385 where likely very strong resistance can be seen & we shall wind up everything in that zone.
Trade active: 11:25 Hrs 25th Jan2017

Last price@19166

Resistance zone is 19180-19190 likely one should book partial profits & if sustains above or moves above 19200 for 5-10 mins then only look upside or whole day it will make a boring session by doing sideways.
Trade active: 13:08 Hrs 25th Jan2017

Last Price@19245

Day's High@19265

Likely it could hold here & going forward needs lot of courage to carry long positions beyond 19265.
Trade closed manually: 13:15 Hrs 25th Jan2017

Day's High@19265

Closing the long positions as it is too risky to hold long positions here. Going below 19150 - weakness will be seen in BN
Comment: 18:31 Hrs 24th May2017

Last Price@22536

This one "I still remember"

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

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

Twitter Handle

Telegram Handle

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.