deepayann

BANKNIFTY - on a longer scale

NSE:BANKNIFTY   NIFTY BANK
I am new to this platform. Kindly bear with me if I have used wrong symbols or colors.

So what I am trying to use, is the basic philosophy behind Elliot Waves. They are FRACTAL .

I have shown 5-3 wave sequences and followed them to 1m scale.

Comment: BankNifty looking to test the support zone shown and then should get that huge push it needs to throttle up close to 25600-26000 Range
Comment: Currently it is close to 24800. This support zone is important. If the bulls can hold off this range and prevent BankNifty from falling down to or below 24780-24760, then a small upward trend may start. If that breaks through 25200-25600, then we may see higher levels.
Comment: If you see graph now Banknifty has indeed bounced bank from the zone I mentioned in the last comment on 25th Of April.

We are close to the second zone I mentioned(25600). It will get good buy support if it crosses the 25600-25800 mark. If the bears are strong here, price may retrace down below 25000.

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