Bank NIFTY 47200 Make or Break Level

Mar 12

BANK NIFTY if it sustains above 47200, keep trailing SL till the first level 47777 and onwards to 48161 (PDH). Sharp short covering may trigger above 47500 and 48000

If sustains below 47200, may slide to 46884 (PDL) and 46400. Positional longs may unwind sharply below 46500 and may slide to 46000.

Mar 15

Trade closed manually

Took support from the lower channel Trendline. 800 points move from the Pivot level 47200 to the crucial support of 46400. Further down move unlikely. I have posted Elliot Wave analysis of next two weeks expected move in my next post.