subhagghosh

#banknifty analysis for 16th Mar:-

NSE:BANKNIFTY   NIFTY BANK
#banknifty analysis for 16th Mar:-

36,463 to 34,430, 2033 point fall in two days was too quick, followed by 835 (41%) pullback in 2 hours.

Decision Zone :- 35,188 - 35,572 is a no trading zone, above positive & below negative.

Currently, the range is 34,300 to 36,000

Support:- 35,000 / 34,866/ 34,700

Resistance:- 35,686 / 36,028 / 36,463

It's a flag formation on an hourly time frame, probability is for the higher breakout.

My basic analysis remains the same:-
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.

Ref:- Elliot Wave 1 H TF analysis:-
Regards,
SG

Disclaimer

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.