This is a plan for my personal views on Bank Nifty. If you follow please do so at your own risk.
We have achieved targets as per old post. Taking a dig at time levels for bullish scenario, which may not follow :). Price levels are marked on chart.
It MAY fall to the pink bottom channel before rising again, however which will provide a good long opportunity with...
As shown on charts we are critical support. We should get a bounce from hereon to maintain bullish momentum in long run for Nifty.
However if the NIFTY breaks support line levels, we can see much downside targets as shown on charts.
We met the targets as posted yesterday.
We still do have limited upside left based on FIB levels and from thereon, wither we could use reversals to short or continue long positions for higher targets, on breakout of range with momentum.
All levels are marked on charts.
As posted yesterday we have achieved the targets, even after a positive RBI rate cut announcement today.
What we have now is Higher high and Higher Lows formation which makes reversal possible. So, now if we start heading higher we can achieve the Higher price range, shown on charts as Buy Target Range. A breakout above the Buy target range will confirm reversal...
Even with higher high/higher bottom, reversal might take some more time. It stopped at immediate down trendline and reversed from there.
Shown are the targets and extended target ranges for further downfall, if don't break today's high(28150) at start of market.
As shown on charts, downtrend channel has broken on lower end.
Levels shown with pink lines and the final downtrend levels, below the same we can see 10800-10000, which are unlikely in my perspective, however i am not GOD.
At these levels we should lookout for reversal patterns which will take us towards 12000+ levels again and even higher over next months.