subhagghosh

#banknifty analysis for 5th Mar

Short
NSE:BANKNIFTY   NIFTY BANK
#banknifty analysis for 5th Mar

We are forming constantly Lower High, which is an exhaustion sign until 36455 is not crossed, avoid long.

Rising Wedge is not a good sign, if the index trades below 35,650 you might see 33,600 levels.

Decision Line:- 35,650

Upper Targets:- 36,019 / 36,342 / 36,664

Lower Targets: 35,159 / 34,800 / 34,466


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

I won't give trades here
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BN at 35500
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can I buy BN 35000pe now
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Not easy, was able to catch the upmove, dm me ,let's see if I can help u.
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hi SG
I have a question.
today BN was suddenly 35500 at the opening which was drastic drop from 36368.
in situations like this, what should be the time frame for us to watch whether it will slide further down or pullback.
pullback it did to 36300 before finally settling into at 35800.

Is it possible for you to advise buys at lows and sell at highs at regular intervals? which would be fantastic and help a lot.

today's slump was unforeseen since 2 days back it was down to 35000 and up at 36300
Reply
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