AbhishekHSinghCMT
Long

Bank Nifty- Heading Upside for 19600 post retracement

NSE:BANKNIFTY   NIFTY BANK
334 11 13
Likely BN has started its rally from 18824 lows & has an impulsive look- In today's session, let us get some retracement in the zone 19300-19350 where it should not overlap 19240 which is laxman rekha for me-otherwise I will have to do analysis again.

Trading Strategy
Let us look for retracement of 38.2 % to 50% of the rally from 19000's lows to 19512 which comes to the zone 19300-19325-marks 38.2% retracement or 50% zone, which comes to 19250-19270 but should not overlap 19240- if this happens then BN will shoot upside for 19600 zones.

This retracement will be a good buying opportunity for further longs else I will have to come back again.

Regards,
Abhishek             H. Singh, CMT
Trade active: 13:00 Hrs 19th Oct2016

Last Low@19371

As expected retracement in the zone 19300-19325 we are just close by. Likely expecting that zone to hold.
Trade active: 13:41Hrs 19th Oct2016

Trading@19390
Latest Low@19322
Vow as expected it kissed the zone- Bang on Target

snapshot
Trade active: 13:56 Hrs 19th Oct2016

Trading@19415

It's the first leg up- Likely it will retrace some bit before resuming uptrend.
Trade active: 13:58 Hrs 19th Oct2016

Likely low@19322 shall be holding for target zone 19600
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Bank nifty surprised as it did not complete wave v of C down. The last dip from 19884 is 3 waves. So all the moved from 10 Sept onwards are 3 waves and could form a triangle. Meaning wave C down never started and wave B could complete near the trendline of the highs at 19500 where we closed today. So if this is true we should resume the move down right away, else we are in an X wave that will retrace 61.8% of the entire fall since Sept up to 20000. Sustaining above 19500 increases the possibility of rising to 20000 on bank nifty futures. 19576 is 38.2% of the entire decline so far above which the case for 20000 would improve.
Reply
Leading Diagonal can take shape of 3-3-3-3-3 waves which likely is the case with Nifty & Bank Nifty - I am just excited as whatever pattern is it- It clicked in time to me -What matters most is -if you are correct how much you make & if you are wrong how much you lose.
Reply
Bank nifty surprised as it did not complete wave v of C down. The last dip from 19884 is 3 waves. So all the moved from 10 Sept onwards are 3 waves and could form a triangle. Meaning wave C down never started and wave B could complete near the trendline of the highs at 19500 where we closed today. So if this is true we should resume the move down right away, else we are in an X wave that will retrace 61.8% of the entire fall since Sept up to 20000. Sustaining above 19500 increases the possibility of rising to 20000 on bank nifty futures. 19576 is 38.2% of the entire decline so far above which the case for 20000 would improve.
Reply
Kudos! Abhishek. Perfect analysis. Just one query, why did you take 19512 (Yesterday's high) for retracement instead of 19570 (Today's high). Dont we take most recent low and high for retracement calculations?
Reply
Yeah, You are correct -I did the analysis before market -& had the high19512 - Market opened gap up@19571 but it was hardly any big move upside which would have given almost same 38.2% retracement zone with some band of leeway.
Reply
Boult2100 AbhishekHSinghCMT
Thanks! Yes, only 25 points difference. Don't you think that after correcting in perfect 5 waves pattern on daily charts. Wolf wave has already started with an upside target of 8980-9100 zone.
Reply
It could be- I am not denying -we all are looking upside so we need to be careful as when most of us turn bullish -Market takes a U-turn exactly at that moment. Let us take one step at a time as we all know market changes every day & it is dynamic. Thanks sharing your view.
Reply
thx a lot sir
Reply
Welcome
Reply
Thank you sir for nicely described trade setup!
Reply
English (IN)
English
English (UK)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out