subhagghosh

#banknifty analysis for 17th Mar:-

NSE:BANKNIFTY   NIFTY BANK
#banknifty analysis for 17th Mar:-

#banknifty PCR is 0.50, for every put written, we have 2x call written off, short-covering, it comes, can be deadly.

Decision Zone :- 34,996 - 35,199 is a no trading zone, above positive & below negative.

Currently, the range is 34,500 to 36,100

Support:- 34,700 / 34,550 / 34,400

Resistance:- 35,328 /34,572 /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

Comments

Your analysis with full conviction, always guides us during trading hours. Thank you, Subha babu
+4 Reply
Price touched the lower band
+1 Reply
@Poison_1907 Right, if the band holds, we might see pullback.
Reply
Thanks.
+1 Reply
will the bounce come?.
Reply
@federalOil8875 Price was below lower end of decision zone 34996 , hence as per the analysis no long.
Reply
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