Bank nifty swiftly retraced and pulled back. in nifty too correction is not going to last long. it has touched the channel line ,let us see if pulls back from here or not. if not it may fall to 38.6percent retracement zone. It appears to me nifty will bounce back soon. Keep an eye of metal sector particularly with ferrous ones this time. Indeed on Friday I was waiting for an opportunity to but bank nifty 39000 ce the deep came just with in 15 minutes of the market opening 39000 ce rose from 400 plus levels to 900 levels. my logic for its buying proved right. Of course after achieving the value faded to wards the end. I may be posting my bank nifty chart with my closed group want to join me ? you can.
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first sign of pull back will be closing above 20 dma shown in the chart.
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opportunity to but should be opportunity to buy in the above sentence,
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so the inside 5th and the outside 4th has been successfully completed, might go little lower more but if it dosent breaks down more its gonna be start of 5th. right sir?
bijoy2526
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@nileshjaincm, the 4 th wave pull back will be completing soon I think. but we should be very cautious at this time as 5 th wave of 5 th is tricky always. already rating downgrades and high valuations views are floating around.
bijoy2526
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@nileshjaincm, best way to be sure of reversal when nifty closes above 20 dma on closing basis in daily time frame