AbhishekHSinghCMT

Bank Nifty- Important Low@19252 with 5 Green Candles for Diwali

Long
NSE:BANKNIFTY   NIFTY BANK
257 views
4
Wish You & Your Family A Happy & Prosperous Diwali. Enjoy with lot of sweets & fire crackers.

The bouce, which was evident in BN on expiry day looking to have impulsive nature & likely bulls are interested back again.

Trading Strategy

Look for a pull back in Bank Nifty either in the zone 19470-19480 or the zone 19430-19450 with strict stops below 19400. These zone could be seen as possible resting zones for push in the target zone 19580-19600 if it halts some time over there look to buy once again in the same zone as of 19430-19450 for another push upside but likely keep a watch 19252 -is a swing low -in any case BN should not go below that so one can also initiate buy calls with stops below that swing low.

Resistance Zone 19780-19820
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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Comments



If time permit then please update bank nifty analysis also .

As per our earlier discussion told that we are in 3rd wave and market is in downside.
Which completed at 19180..

May be 4th completed today/by tomorrow opening at 19300-19325 (around) and wave 5th wave have to catch tomorrow onwards.
Reply
Yes, it could be more bearish case, but coming up with counts- I am in extreme doubt- It could be larger wave-1 at 18824- wave 2 bounce -likely wave-i of wave 3 running down- either we fall now or bounce & fall in all cases -It looks bearish only. We just need to plan ourselves for better execution.
Reply
25th Oct - Top 19915 to 19253 wave 1

From 19253 to today's 19668 wave 2 some around 61% retracement of wave 1.
&
today we have entered in wave 3.

Market in down side?

Please share your view on it.
Reply
It's always the case A/1 or B/2 & C/3- never guess that it will be 3rd wave - how one knows its 3rd wave & not A-B-C correction. B-wave also retraces 61.8%
Reply
vijay.risl AbhishekHSinghCMT
Yes sir .You are correct .

Just want to polish my learning that whether it is C or 3 both are legging down?please help me out to get it rectify if I am wrong.

How can we identified/confirm that B has completed.

Recently i have started learning EW and found very interesting and effective.I am big fan of your analysis.


Thanks for your valuable view and time .
Reply
Happy Diwali sir.

Sir are we in 1-2-3 waves?as bank nifty has
fallen from 61% (19664).We have entered in wave 3?

Reply
Same to you. It's really tough to tell unless you discuss with charts.
Reply
Good work Sirji. Wish you and your family a very Happy Diwali and prosperous new year !!
Reply
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