Reached
Channel Resistance at 19000 spot- Corresponding to 80% retracement of 18174 - 19019 (present High). Breakout and
EOD close above this will be Highly Bullish.
On resistance must watch the Fibo retracement along with the MOVING AVERAGES.
FIBONACCI RETRACEMENT FOR 18174 - 19019:
| 38.20% | 18696 | 20 DMA |
| 44.70% | 18641 | |
| 50% | 18596 | 10 DMA |
| 61.80% | 18496 |
TRADE PLAN:
Book Longs as mentioned in Premarket view and Initiate Shorts with SL EOD close above 19050. On EOD close above 19050 - convert to POSITIONAL LONGS.
Banknifty found support at 18200 SPOT and has moved upto 18800 - effect of FAST RISE of 50 DMA and 200 DMA @ 18300 levels - currently supported near 18700 - 20 DMA. Holding 18650-600 - @ 10 DMA - the upmove would continue towards 18950 - Day/Week Channel Resistance.
Positional Longs taken on July 28 - to be booked at 18950 - 19000 - Day channel resistance.
Breakout above 19000 - is Highly Bullish. If resisted at 18950 - 900 then again a down move towards 18600 is highly possible.
6 comments:
Great work. Sir must be proud of you.
God Bless.
Thank You Ji. If I am considered as a worthy student of Sir and by Sir - I'll be really blessed :)
Seriously dont have enough words to thank u ..great work ..keep up the gud work ..thanks for the updates ..
Congratulations Satheeshji for such an in depth analysis.
I am a member of just nifty group also and find your study close to that of Ilango sir.
Keep the good work going on.
Thanks naveen and cnv. Never never compare me with Ilango Sir - I have miles and miles to go even to reach the foothills - he being a mountain..
satheesh ji good work keep it up
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