The downtrend (if I may use this term) which started last week from almost 23K levels, seems to be playing out with lower highs and lower lows. The gap down of 17th May was been closed. The retracement was precisely from 0.786 Fibonacci levels. Here we have a rising channel which if taken out on the downside, will continue the downfall below 22700-22650...
On Hourly chart it seems, It chasing to the Gap support level of 22430. If that broken down, further it can fall to 22260 and 22180.
Time for a downturn?
A trading strategy based on multiple moving avergaes. Shows great results on backtesting. Parameters: Initial Capital : 250,000 Contracts : 40 (Fixed, Equal to Lotsize of NSE BANKNIFTY) Pyramiding : 3 Slippage : 20 ticks (1 Rupee) Commission : 0.015% 64% Trades are profitable...
Hi everyone, Bank nifty trading near to the medium term trend line. As per my wave count I am looking for medium term reversal. Expecting Bank Nifty fell to 12500 level with in a Year.
Will Bank Nifty follow the Nifty way to fill the existing GAP ? If yes, then bear will takeover the Bank Nifty also. Trade: Short below = 18797 Target 1 = 18709 Target 2 = 18552 Target 3 = 18440 Stop Loss = 19002 Reward Points = 540 Risk Points = 205
BankNifty is Looking to move towards 16500 now, there are three reasons mainly.... 1- Banknifty is trying to Form a Channel. 2- It is trying to move in a (W) Formation Contantly with 1.41 extensions as targets. 3- It is trying to Fill every gap one by one (show with numbers on the chart) Short Positions can be taken for the targets of 17000, 16500 with an SL...
We need to rush through this description bcos there are potential chances arising already. There are 3 components we have used to examine the dynamics of BankNifty, (i) Elliot waves - Simpler the Better (ii) Trendline (iii) Patterns There is no need for you guys to know each n every component for analysis. Just any one of above 3 component is perfectly fine to do...
A pullback may be due
I have marked the waves in the chart and here I will explain them a little more in detail. Wave 2 is a deep correction of wave 1 and retraces 76.4% of the wave 1. Wave 3 is a 161.8% extension of the wave 1 and is composed of five inner waves, though I have not marked them on the chart to avoid too much confusion. Wave 4 is a 38.2% correction of wave 2. Again...