AbhishekHSinghCMT

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

Long
NSE:BANKNIFTY   NIFTY BANK
21
In the truncated week with a holiday on 26th Jan2017. Wishing you all a happy republic day.

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Analysis
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

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