SBIN - Elliot Triangle Waves

SBIN closed just below the support at 188 after testing it for greater parts of the trading session today.
BANK NIFTY also closed higher than previous weeks but could not break the resistance, which is why the stock's upward movement was arrested.

The overall view is bullish with Elliot Triangle wave pattern for a bullish market as shown on chart.

Holding View:
Go Long - Buy on dips with SL at 184.5 for 194-196 & beyond

Intraday view tomorrow:
Buy above 188 for Targets: 190, 192, 194 & 196 with SL at 186

P.S. I have a bullish bias and existing long positions on the stock, as I have mentioned on previous linked ideas, so there is a good chance "I see what I want to see" ! It's super easy to fit patterns to justify underlying hypothesis!

Comment:

No trades triggered, those subscribing to holding view may want to wait; If BankNifty breaks below 22100 - 184-184.5 levels is on cards if not lower.

Trade active:

Buy Triggered on 190 CE at 6.5

Trade closed: target reached:

Closed at 8.2 for the day as I already have other exposure to the stock.
Others should hold with a tight SL

Comment:

Intraday Ideas for today:
Go long above 190 for 192, 194 with a trailing SL of 1 and SL at 188
Sell below 188 for 186 with SL at 189

Trade along the direction of NIFTY and BankNIFTY.

Trade active:

Buy Triggered at 190

Comment:

T1 reached

Comment:

SL modified to 190 for NPNL

Trade closed: target reached:

Intraday trade closed at 194
Again I am already long on 200 CE with significant exposure so stay in for long haul

Comment:

BANKNIFTY is seeing some massive OI increase for 22700 Put. Keep a hard SL for those still in for intra-day positions

Comment:

Take long positions if BANKNIFTY breaks 22900

Comment:

Bank Nifty at 22700
What a day !

Trade closed: target reached:

Sold positions at 200
will re-enter if it sustains 198