BankNifty
BankNifty is one of the major index that could influence the Nifty moment in Indian Stock market.
Bank Nifty is in an upword channel for almost one and half year. For almost a month index is trading just above 300 to 400 points above the support with more volatility. Suppose index breaking 11150 is channel breakdown and bearish to the index.
In one way index seems to be forming a bearish flag with pole size of approximately 2400 points. and Flag width of 779 points.Breaking of 11030 seems to be very bearish to the Bank Nifty with good targets.
Looking at the price moment and applying the EW labeling on daily candlesticks. The trend seems to be downward. The fall started at 13414.3 till 11033.75. Price retraced this fall and moved above 23.6%( 11595.6) but could not even touch the 38.2% retracement at 11943.12. Whenever there is a smaller retracements in wave moment, the next moment in trend going to be huge. If this downward moment is just started at 13414.3 then, there is going to be another huge down move awaiting.
Tomorrow there could be a small pull back rally till 11440 levels where one can initiate fresh shorts once again.
Good Luck !
BankNifty is one of the major index that could influence the Nifty moment in Indian Stock market.
Bank Nifty is in an upword channel for almost one and half year. For almost a month index is trading just above 300 to 400 points above the support with more volatility. Suppose index breaking 11150 is channel breakdown and bearish to the index.
In one way index seems to be forming a bearish flag with pole size of approximately 2400 points. and Flag width of 779 points.Breaking of 11030 seems to be very bearish to the Bank Nifty with good targets.
Looking at the price moment and applying the EW labeling on daily candlesticks. The trend seems to be downward. The fall started at 13414.3 till 11033.75. Price retraced this fall and moved above 23.6%( 11595.6) but could not even touch the 38.2% retracement at 11943.12. Whenever there is a smaller retracements in wave moment, the next moment in trend going to be huge. If this downward moment is just started at 13414.3 then, there is going to be another huge down move awaiting.
Tomorrow there could be a small pull back rally till 11440 levels where one can initiate fresh shorts once again.
Good Luck !
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