Friday was quite eventful and failure to take out the retracements zones pointed earlier proved that markets are facing selling pressure at top. at the sametime now the current range is proving indecisive. A break below 19800 can only bring in the downside movement to potentially test the lower trend line support zones around 19600. while 20050-20100 would be the...
Bank nifty has reversed from 1.618FE of wave 1. IF it takes support at the 38% or 50% fib levels (and the trendline), then it could result in a sharp up move to new highs. This should pull Nifty too; just that the wave structure is clearer here. (Support at the 23% fib level for the up move after that is possible too but then an initial entry would be difficult...