My first video is for all my followers. Hope you will enjoy it and would be able to make money next week.
For new readers writing taken out condition. Taken out condition works in the two-time frame combination for daily( 4 hr + 1 day) analysis. Similarly, work for lower time frames is also a two-time frame combination. For...
In this 1hour chart of Banknifty wave (c or iii) started from 23613. And in this wave (i), (ii), (iii) and (iv) is completed at 25773, 25142, 29031 and 27703 respectively. wave (v) is completed at 29784 OR running as Ending Diagonal.
In short if Bank nifty has to fall then it should not cross 30540. Even if it touches 30541 then we will see much higher...
1. As usual first I will discuss, last week's statement. On 20th Nov 2020, in point no1. of trading plan section, what I wrote is quoting for your consideration. "A white line is made if the price takes out in both time frames in 15 and 1hr then you will see the upside move." . Here you can see in fig after crossing the white...
Today will be expected flat or slightly gap up opening in banknifty near yesterday close. Most chance in the first half it will trade between 29000-29500 level. If any side breakout then we will see 300-400 points quick expiry movement. In today's session important support at 29000 if in case of a breakdown this support then possible further weakness in the market.
AS you can see in the figure BNF has made an ascending Head& Shoulder pattern in Hourly Chart and is facing major resistance around 30000-29000 area.
If BNF goes below the trendline and stays there ,further downmove is expected, suggest to square off ,all your long positions here.
Rest Markets will decide :)
Today will be a gap down opening in banknifty. If it trading below 29450 then we will see further downside towards the 29050-29100 level. More possibilities it will show some reversal from this level. If breakout of any support or resistance will give 300-400 points expiry move.