BANK NIFTY ANALYSIS

Intraday Update: 2.30 Pm:

The Three drive pattern is active now.. targetting 18600-550.

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_18e51ad76b78a03ff231ea09a2cb019b.png

The Pattern is taking shape of a Bullish Gartley targetting 18600-550.

http://930e888ea91284a71b0e-62c980cafddf9881bf167fdfb702406c.r96.cf1.rackcdn.com/data/tvc_6e96f8b770d1ba8e17c2a5d945170284.png

18600-550 expected target is the channel Bottom of Day TF.

PRE MARKET VIEW:

BN resisted at 19000 and found support at 18850 -800 yesterday. Break of 18800 would lead to 18600.

the Bearish wolfe wave will be negated above 19000.

Trade Plan:

SL for the shorts initiated yesterday is trailed to 18950 - partbook at 18650-600 on breakdown.

BANK NIFTY ANALYSIS

Intraday Update: 12.15 PM:

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.