Bank Nifty Spot has reached the support level of 18850 low today. If Supported, then a good bounce back is possible. If it breaks down then 18600 levels again.
PRE MARKET VIEW:
Yesterday Bank Nifty had a sharp recovery from the low of 18610 spot and 18660 futures levels. Currently both bullish and bearish possibilities prevail key level being 19000
Bearish View:
Resistance at 19050 -19100 spot levels would drag it down towards 18900 - 18850 -below which it would reach 18600 levels again - as per
1. the B wave scenario.
2. on Break of 18900 - it would fall back into the braodening wedge taking it to lower levels.
Bullish view:
1. The B is completed with with the low of 18610 and an impulsive move has started up.
2. Broadening wave has given a breakout above 19000 BN futures -targetting 19250-300 futures.
HARMONIC PATTERN :
Chart link for both bullish and bearish pattern completed is given below
http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_18e51ad76b78a03ff231ea09a2cb019b.png
Todays Trade Plan:
Buy above 19000 - 19050 futures with sl hourly close below 18900 target 19250-300.
Sell below 18950 - 18900 SL hourly close above 19000.
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