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


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.
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

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


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


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.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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Any analysis as of now for banknifty ? Thanks.
BN looks bullish if it drops to 19600-19660 zone that could be a good buying zone with stops below 19500 for targets 19850-19900
MukeshRajpurohit AbhishekHSinghCMT
Now will it go to 19600-19660? Sir wil it down now?
AbhishekHSinghCMT MukeshRajpurohit
I said if it comes down then it will be another buying zone with strict stop loss below 19500
MukeshRajpurohit AbhishekHSinghCMT
Ok sir
Bank nifty broke out of the triangular pattern. 50% retracement agt 19770 is reached and 61.8% is at 20000. That said the breakout can have more bullish implications as on the chart below. Like in Nifty wave c up may have started. This is the chart of spot bank nifty. c=a is at 21000. So once we break past 20000 we can expect it to extend to 21000. In case of bank nifty the entire fall is a triangle and triangles precede final rallies. So this is the final rally up.
This is your analysis. I cannot comment anything without your charts. Likely it will be good if you publish your own view for the community.
asokan AbhishekHSinghCMT
Pls continue with your good work Ahishek. Deepen, can you publish your view with supporting chart. B Rgds
Great analysis...i have been taking clues from your ideas and minted some money. Today also exactly as per your view BNF touched a low of 19520 and not going up.
you mean going up from 19519