As explained in previous chart we were able to pin point Banknifty's down move.
Downward wave four 4 was double zig zag correction which completed near 24404.
We are witnessing now final Wave 5 impulse of leading diagonal and currently in wave iii which should extend 2.618=24785 to 25000.
There will be sideways correction next may be till 23500-23300.
Larson & Toubro about to start Downward 5th Impulse wave which will be truncated.
Stock did retraced 0.382 fib from march lows and looks to have completed Tripple Three Wave at 1025.
Case 1: Upside looks limited as have made Three black crows and move towards 980-1000 is ideal short entry with SL 1025 or 1040. Then going towards 890, 860, 840, 692.
Band get Support at fib level 0.38, if it may withstand above this level.it has to overcome a Resistance a fib level 0.61
Target Price-21 ,33.8
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Stock post touching 650 broken Consolidation started going south till 152.
From 152 it made retracement fib levels 0.5 completing first 5 wave impulse
Right now stock trading in parallel channel and expected to respect it as Volume dropping and wave C could be coming to end near 270 which is again 0.5 Fib level of impulse.
Long all dips towards 270
Stock post breaking Leading Diagonal started upside with big volume.
Long all dips towards 330-310
Wave 3 has started which should move towards 400-420 (1.68 Fib level) zones.
STOP LOSS 277
In longer horizon Wave 5 (equal to Wave 1) positional target 475. Wave 4 will be complex and long correction towards 365 (0.382 fib level).
Disclaimer: Calculated and...
All dips till 200 long opportunity for target 260, 286-300,360. SL 180 on daily basis.
Disclaimer: small cap stock highly risky so consult your financial advisors before investing. Defined values may vary in actual price movements.