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Bankniftyanalysis

BANKNIFTY-Will Rise or Fall back Key Resistance level is observed at 42500. Price is still in this range. Note: we have a previous Resistance 42350-42400 may act as support, if this level breaks then only the price reach to the next supports at 42000,41700-41600 levels. Today Observations: After a Strong selloff is observed, price again wants to test supply zone 42500 for fall again. Intraday Sell plan. Sell Plan: 42350-42400 is a level strong sell off happens ,if again this level breaks and retest will go selling,(now at least will get a pullback) and showing down pressure go short for downside targets are 42000,41700.
NSE:BANKNIFTY
by IIT-Trader
Bank Nifty Elliott Wave possibilitiesThe idea presents two possibilities on Bank Nifty as follows: 1. corrective move: this suggests that bank nifty is moving down in a double zig-zag pattern where the index is currently in wave b of wave y. post which the index should head higher in at least three waves if not five. 2. Impulsive move: this suggest that index is heading down in an impulsive manner which is shown as an alternate count in green colour. The index seems to be in wave 4 of wave 1 or wave a (that remains to be seen). Whatever view plays out, I will update the idea accordingly Summary: both the possibilities suggest a down move in the near future. Thanks for reading :)
NSE:BANKNIFTY
by barefootTrades