AbhishekHSinghCMT

Bank Nifty- 3rd Waves with gaps & looking for support@19500

NSE:BANKNIFTY   NIFTY BANK
138 6 5
BN-BankNifty

On 22nd Aug2016- Bank Nifty             had a high@19494 -which could act as polarity reversal zone if BN opens gap down today as well -We should look for 19490-19550 as the support zone -which was resistance earlier.

Once BN, holds some time in the zone 19490-19550- we should avoid taking short positions & kindly wait for bounce to join the downtrend.

Likely zone of 20000-20100 shall become an objective zone for bounce back (which is not fixed yet-can change in future)

3rd waves are the wonder waves for me -which amuse me a lot.

How do you its a 3rd wave?
When you see lot of gaps in a price structure which is evident in BN since the recent high@20575 - then we could easily come to know that it is 3rd waves- don't even mess with these waves because they can give you 440 volt current.

Regards,
Abhishek             H. Singh, CMT


Comment: "How do you know its a 3rd Wave" -sorry for typo mistake
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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Thanks.
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Welcome - After a long time. Regards
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AS WE CAN EXPECT A GOOD BOUNCE REQUEST YOU TO PLEASE POST ANY OF THE BANKING NAMES FOR A GOOD TRADE. CAN WE LOOK AT YES OR AN AXIS???
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Let me check -it takes time for an analysis sometimes 4-5 Hrs Still Let me return back to you if I able to do so.
+1 Reply
SO WE SHOULD LOOK AT 19500 TO 19550 AS A ZONE TOBUY???
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Never be in a hurry- first let the train come on a platform, then we have to see whether it is halting at that station or not & later we shall decide.
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