Bank Nifty- Zone of 19780-19820 -Resistance Zone(Alternate)

From lows@18824 - I have just tweaked my counts as W-X-Y pattern where W- wave divided into a-b-c count internally. X-wave made a low@19322-driver's point as per previous update. Y-equals 61.8% of the W - wave in the zone 19780-19800.

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 bullish 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.

Trade active:

09:35 Hrs 21st Oct2016

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

Trade active:

10:20 Hrs 21st Oct2016

Trading@19575

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 [e-mail] zones remain 19670-1680 & above 19680 for 19780-19800.

Trade active:

11:08 Hrs 21st Oct2016

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.

Comment:

11:52 Hrs 21st Oct2016

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

Trade active:

12:45 Hrs 21st Oct2016

Trading@19590
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.

Trade active:

14:25 Hrs 21st Oct2016

How channel has restricted BN - It turns from 19635 as expected earlier updates

Channel top & bottoms are always safe to trade

Trade active:

15:21 Hrs 21st Oct2016

Trading@19735

Whenever a picture completes specially with green colors- vow, it becomes so beautiful- heading close to target of 19780-19800 zone.

Trade active:

14:17 Hrs 24th Oct2016

Trading@19880

Bank Nifty now has to sustain above 19900 to give us confidence that it wants to travel upside.

Trade active:

06:40 Hrs 25th Oct2016

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.