BANKNIFTY 15 MIN GANN ANALYSIS FOR WEEKLY EXPIRY20 MAR 2024
It's been subdued vibrations for past few days for the index. We felt the squeeze on it with smaller ranges. Is it a Lull before the storm needs to watched carefully ahead. We have been on the bull run for last 4 years on the trot with normal corrections within the run.
48000 high in 2024 with 32000 high earlier in 2019 5 years back and also low at 16000 4 years back speaks of the run on the index.... Gann Rule No 8 in one the books says " In order to get top of the next 5-year cycle, add 5 years to any bottom. For example, 1917 was the bottom of a big bear campaign; add 5 years gives 1922, top of a minor bull campaign. Using the same analogy 24 March 2020 low if we add 5 years we get 24 March 2025. But the same rule tell us Adding 5 years to any top, it will give the next bottom of a 5-year cycle. So we have a top on 30 Dec 2019 if add 5 years to we get 30 Dec 2024 as bottom. So we some exciting times ahead of us as traders. Also we have an annual cycle completed yesterday from the low of 20 March 2023 . So it will be wise to assess the ground reality with the time priods we are in. Take a step back analyse impartially what's in front of us. 26 Oct 2023 low was 42105 and we had a high 28 Dec 2023 at 48636. So 8000 points run on the index roughly. So 45370 is the 50% level to watch for the trend to be positive. Also 46464 is the key level for momentum to be positive. Intraday traders can use the levels of 46425 for upside move and 46325 for downside with sideways action in between. See the chart attache for more levels and clear understanding of it.
Happy Trading !!!
N.B. Not a finanancial advice to buy or sell.
With usual disclaimers as applicable within the reach of this
beautiful trading analysis platform. Thanks to the developers
of the programme for this opportunity to use it freely to
express our ideas to the community of traders.
48000 high in 2024 with 32000 high earlier in 2019 5 years back and also low at 16000 4 years back speaks of the run on the index.... Gann Rule No 8 in one the books says " In order to get top of the next 5-year cycle, add 5 years to any bottom. For example, 1917 was the bottom of a big bear campaign; add 5 years gives 1922, top of a minor bull campaign. Using the same analogy 24 March 2020 low if we add 5 years we get 24 March 2025. But the same rule tell us Adding 5 years to any top, it will give the next bottom of a 5-year cycle. So we have a top on 30 Dec 2019 if add 5 years to we get 30 Dec 2024 as bottom. So we some exciting times ahead of us as traders. Also we have an annual cycle completed yesterday from the low of 20 March 2023 . So it will be wise to assess the ground reality with the time priods we are in. Take a step back analyse impartially what's in front of us. 26 Oct 2023 low was 42105 and we had a high 28 Dec 2023 at 48636. So 8000 points run on the index roughly. So 45370 is the 50% level to watch for the trend to be positive. Also 46464 is the key level for momentum to be positive. Intraday traders can use the levels of 46425 for upside move and 46325 for downside with sideways action in between. See the chart attache for more levels and clear understanding of it.
Happy Trading !!!
N.B. Not a finanancial advice to buy or sell.
With usual disclaimers as applicable within the reach of this
beautiful trading analysis platform. Thanks to the developers
of the programme for this opportunity to use it freely to
express our ideas to the community of traders.