UPDATE
28th Feb
BN faces uphill task crossing the strong resistance zone ahead. Expecting retracement from these levels.
UPDATE
26th Feb
10718
10780
UPDATE
25th Feb
Target achieved and it went up further. Higher targets were twitted during market.
There is room for upside. And now it should move like this.
UPDATE
24st Feb
No change in the outlook.
Target zone in 10668 - 10688
It may do it anytime during this week.
Look for momentum loss in the target zone to confirm if any more upside is left.
UPDATE
21st Feb
First the reality check. BANKNIFTY retraced more than I anticipated.
But correction should now be over and it should embark the bullish course.
Stop below Low of today.
Cation: Again this will be wave 5 and most difficult to trade. We go with plan as shown in the chart.
UPDATE
19th Feb
BANKNIFTY surged on the back of very encouraging economic data in the VoA.
It looked almost like a short covering rally.
The move went past the target zone of 10514 and went ahead indicating that the target zone is around 10687. The move is apparently an impulse with 3 waves completed and running wave 4. It has done basic retracement but lil more is possible to around 10450. From these levels it should target 10687 zone.
Caution : Wave 5 are usually sucker rallies and difficult to trade. Take your trade carefully.
BANKNIFTY bounced off very deep levels on the back of good CPI/WPI data Friday.
This bounce coupled with good divergences in hourly TF around earlier low give reason enough to be Bullish in short term.
However, all up moves in BANKNIFTY need to be looked with suspicion till 50DMA has crosses over back 200DMA and levels above 200DMA are sustained.
Various levels to watch in extreme short term are marked in the chart. The move has upper target of ~10514 and support just above 10040 so these levels need greater attention.
The Chart is self explanatory.
28th Feb
BN faces uphill task crossing the strong resistance zone ahead. Expecting retracement from these levels.
UPDATE
26th Feb
10718
10780
UPDATE
25th Feb
Target achieved and it went up further. Higher targets were twitted during market.
There is room for upside. And now it should move like this.
UPDATE
24st Feb
No change in the outlook.
Target zone in 10668 - 10688
It may do it anytime during this week.
Look for momentum loss in the target zone to confirm if any more upside is left.
UPDATE
21st Feb
First the reality check. BANKNIFTY retraced more than I anticipated.
But correction should now be over and it should embark the bullish course.
Stop below Low of today.
Cation: Again this will be wave 5 and most difficult to trade. We go with plan as shown in the chart.
UPDATE
19th Feb
BANKNIFTY surged on the back of very encouraging economic data in the VoA.
It looked almost like a short covering rally.
The move went past the target zone of 10514 and went ahead indicating that the target zone is around 10687. The move is apparently an impulse with 3 waves completed and running wave 4. It has done basic retracement but lil more is possible to around 10450. From these levels it should target 10687 zone.
Caution : Wave 5 are usually sucker rallies and difficult to trade. Take your trade carefully.
BANKNIFTY bounced off very deep levels on the back of good CPI/WPI data Friday.
This bounce coupled with good divergences in hourly TF around earlier low give reason enough to be Bullish in short term.
However, all up moves in BANKNIFTY need to be looked with suspicion till 50DMA has crosses over back 200DMA and levels above 200DMA are sustained.
Various levels to watch in extreme short term are marked in the chart. The move has upper target of ~10514 and support just above 10040 so these levels need greater attention.
The Chart is self explanatory.
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