#banknifty analysis for 9th Mar

#banknifty analysis for 9th Mar

8021 point up-move is followed by correction of 3050 points (around 38.2%) and now we are consolidating for 2 weeks. Currently, the range is 35000 to 35800 and new move will be only outside this range.

Expiry on Wednesday and good OI on 35k PE, which suggests 35K going to be supported till expiry.

Decision Zone:- 35090, above positive & below negative

How to Trade? Play the range of 35100 to 35800 and initiate breakout trade, if range breaks.

Note:- H&S pattern is detected on the chart, will be activated below 35,644.

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:-


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