subhagghosh

#banknifty view for 20th Aug'21

Long
NSE:BANKNIFTY   NIFTY BANK
#banknifty view for 20th Aug'21

first & foremost, this is a normal correction and need not be panicked

Do you see #banknifty weak?

Banknifty continues to trade above 20 & 50 DMA ( 35,417 & 35,226) and as long as these levels hold, there shouldn't be any panic button.

If we consider the upmove which has started on 28th July from 34,115, and if we consider we are in wave 4 - 61.8% of wave 3 is placed at 35,248 and 50 DMA is at 35,226, this area should act as support.

The structure invalidation point is 34,861.

DZ:- 35,656

On 4 hour time frame:- 50% & 61% projection is placed at 36,905 & 37,563 which may or may not be achieved.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be 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.

Regards,
SG

Comments

Most likely filling the gap on the lower side tomorrow.
+2 Reply
@InvestPro_India sgx is indicting so well in advance

we may see 34900-35000 lvl again
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Mast dada
+2 Reply
Keeping in View what is happening in the Global Markets with Taper after the Fed FOMC Minutes , we will see further correction in Bank Nifty on Aug 20th. All Global Markets are down today and I guess Bank Nifty we will take a Knock again tomorrow. We will have to Keep this in Mind before going Long on Bank Nifty !!
+1 Reply
Thanks Dada
+1 Reply
awesome guru ji
+1 Reply
You can find me on Twitter, link on find me on:
+1 Reply
Could not understand second v. I think it is the link wave w which u forgot to mark.Then the correction a-b-c brought it where it is now to form wave x.(either completed or will complete soon from your given level.Then wave y will start as predicted to complete wave 5. Learning all the time from U. Pl share your thought on this observation. Thanks as always.
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kept telling strong support 35531 it broke and my position stop loss is gone, stopped trading too
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exactly same count i was expecting from last 3 days... final wave 4 about to get over and massive rally to ATH incoming...
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