The level 31000 seems almost the bottom at present, but wave (IV) is not yet completed. The up move started at today’s fag end may continue upto around 31500-31600 and then will come all the way down towards 31000 but stopping just above it, touching the trend line, to complete the wave (IV). Still BANKNIFTY cannot be predicted that much easily. Might be going...
When I posted a chart on YESBANK on 17-11-19, the price was 68.70.
I said that YESBANK will form triple bottom. Now it has came all the way down to 40 to find the second bottom. CMP - 43.55. The stock price is not yet out of woods. Chances for some 3 rupees up (47) and then 8 to 10 rupees down(36-38). If it goes up from this level or after finding bottom at around...
The following factors are -ve.
Price is too far from 20 M.A.
Tail found at the area of over-reaction.
Wave(5) is so close.
The price is out of trade channel area.
Professional and smart money investors whatever you called them such as Speculators, Arbitrageurs, Fund managers, insiders, etc. are already entered near the wave (4). Focus on their profit...
No need to worry if the short wave is up, finally if it’s up then it will not break 12072 below.
But since today, nifty has taken resistance as the previous R.
We will think short side only trade below 12070 below for spot level
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Falling wedge formation is nearby Demand Zone 113 - 115.
Also can be see a head and shoulder pattern.
Better to take entry based on breakouts, Buy If falling wedge breaks or Sell if demand zone breaks.