subhagghosh

#BANKNIFTY Short Term Positional View

Short
NSE:BANKNIFTY   NIFTY BANK
Downtrend Analysis #banknifty

Wave 3 length is 15,533

Wave 4 is 38.2 % to 61.8% of Wave 3 i.e within the range of 22,049 - 25,715.

The current high 23,080 is 44.8% of Wave 3.

Why we assume the wave 4 is complete is due to the following reasons:-

1. #banknifty was having a strong resistance at 22,480 and it took some time & good momentum to break it.
2. Resistance turned to Support.
3. 8th June'20 1 Hour candle ( 14:15 to 15:15) H 23,058 to 22,553 shows selling pressure.
4. On Friday ( 10th June), we closed below 22480 very easily at

Today closing is below 22480 at 22398.

Monday movement will be important, any move below 22350 will result in the following targets 22,050 / 21,100 /20,225

If the wave structure is correct and we don't cross 23,100 on immediate term, we see 18,777 / 16,116 /14,473

This is a very good place to book profit and seat aside and wait for the market to correct.
Comment:
Comment:

Comments

Daily I will try to keep on updating this post so that we can track this setup.
Reply
tradediary2020 subhagghosh
@subhagghosh, Sorry, I realize this was last week's analysis. Please ignore
Reply
Your first possibility 22050 looks possible on intraday. but it should moved to 22984 atleast within Exipry.
Reply
subhagghosh ddsrawna
@ddsrawna, I will follow the price, if price action changes, I will change my view.

My view holds as long as 23100 is not take out.
+4 Reply
ddsrawna subhagghosh
@subhagghosh, Thanks for comment. I think previous week bullish level 22125 might support it at lower and Exipry week open (on friday) Shows 22894 to test atleast.
Reply
ddsrawna ddsrawna
@ddsrawna, 22984 (23000) . Or 23400 (monthly bullish level)
Reply
ddsrawna subhagghosh
@subhagghosh, looking daily break level might be 22377 (22380) instead of 22480. Previously it moved to 23000 after crossing 22377 (Previous Exipry week stop) and currently upheld 22377.
Reply
subhagghosh ddsrawna
@ddsrawna, 22377 and 22479 to be exact are equally important.
+1 Reply
ddsrawna subhagghosh
@subhagghosh, presently Exipry week stop raised to 22984 from 22377 ( Means it should test 22984 atleast )
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out