Zone 19800-19820 is also important as it is confluenced by earlier supply zone@19816- from where BN had a fall till lows@18824.
Likely, BN should not go below 19569 & one can be for an upside leg, which is pending in the current situation.
Financial Markets are full of risk so kindly monitor your own positions & do your due diligence.
From Highs@19721 it could be trading into channel & W-X-Y Wave. Y wave equals W wave in the 19520-19530 zone & channel bounce could be closely watched for a bounce to target zone 19660-19670 or above the 19680 highs for target zone 19780-19800
Bulls & Bears both are fighting at current levels - here risk management is another part of the analysis which one should take care. As suggested earlier bounce could be expected from the 19520-19530 zone. BN made a low@19519, so one should exit if it goes below 19545 to take small profits & enter above 19680 for another up leg or if you are ready to take a stop loss at cost price@19520.Target zones remain 19670-1680 & above 19680 for 19780-19800.
Again channel can be used for buying -look for BN to get in the zone 19490-19515 - Holds & starts moving up -we can have jump till 19630-19645 & if crosses above 19650 then hold till 19670-19680 & if crosses 19680 then for 19780-19800.
Again Bulls & Bears are fighting this Y-wave is also sub dividing into a-b- c move. b is just completed at 19590's so we will leave long positions & try to pick again at channel bottom
This is a corrective structure so every time it goes down you have to buy - never try to sell. Once it crosses 19680 -it will head upside only either at channel bottoms you can pick or above 19680.
How channel has restricted BN - It turns from 19635 as expected earlier updates
Channel top & bottoms are always safe to trade
Whenever a picture completes specially with green colors- vow, it becomes so beautiful- heading close to target of 19780-19800 zone.
Bank Nifty now has to sustain above 19900 to give us confidence that it wants to travel upside.
Yesterday, as expected BN turned exactly from 19900 highs & dipped till 19775-19790 zone- I was looking out for BN to cross 19900 to give me more confidence.
Our Strong Support Zone today is 19500-19525 & Above that 19740-19760 small gap zone all can act as testing zone -if BN holds these zones & it will likely push upside & going above 19900 -shall carry its upside move.