Currently, the price action failed to cross above the initial resistance level of 6650-6670 (indicating continuation of prevailing down trend) and came back down to test the previous strong and crucial support. Now, if the price action got further weaker then it may break the crucial support range and goes further down to 6000 levels. It shall be the continuation...
Nifty is at its support zone that can see some buying if it breaks below the current level of 11200 downside is open. Let's wait and see what is in store for up coming weeks. Also taking support at Fib 50%, breaking that will be a trend change and can see further fall.
Banknifty opened at the resistance of (3) wave 27701 nearby which is at value high. This resistance pushes it toward the control value at 27463(gravitating) and (4rth) wave at value low. Looking at it seems that short declining wave can start for the target.
Above all levels are for a spot.
Long white day candle was formed where the price is up by crossing the previous 3 days of the candle.
Control Price (ii) which is spot nifty target (11540) and resistance nearby it. Notice, many times "control price (ii)" shown its strength.
The possibility of Profit booking can be 11525-11580.
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