BANK NIFTY ANALYSIS

Intraday Update 11.30 Am:
BN found support at 18100 levels and has reached the 200 DMA.

TRADE PLAN:

Book out Longs and short with EOD close above 18510 - 200 DMA. OR Trail SL to 18350 -50 DMA - Hour Close.

Pre market View:

Two Scenarios' in play:

Bullish - c.B ended at 18034 and a new wave has started.

Bearish : iii ended at 18034 and ongoing is iv. C.iv is pending and likely to resist at 18350 - 50 DMA and fall to form new lows below 17900

SL for Positional Longs trailed to yesterday Low Book out at 18310 - 350 spot.

Sell at 18350 spot levels - SL EOD close above 18350 - 50 DMA.

BANK NIFTY ANALYSIS

Pre market view:

Bank Nifty Has reached its crucial support of 18050. If supported intial resistances are -18150 crossing which next major resistance is 18350 -50 DMA.

 

Trade Plan :

Buy above 18100 SPOT / 18200 Futures SL EOD close below yesterday's low. Book out at 18350 -50 DMA.

BANK NIFTY ANALYSIS

INTRADAY UPDATE : 3.00PM:
The fall from 18500 - has reached upto 18100 - almost nearing the target of 18050 -a=c condition. The fall has been perfect within a channel in five waves.

BANK NIFTY ANALYSIS

Bank nifty for the 5th consecutive day has found resistance at 19050 and support at 18900-800. There are both Bullish and Bearish Prospects in contention - Typical of a B Wave. Yesterday EOD close was below 18900 - signalling weakness. But it is above the TA parameters such as 10 EMA,10DMA and 5 Low EMA.

Trade Plan:
Sell below 18900-18950 - Sl two hour close above 19050 - Day HEMA
Buy above 19050 day HEMA - SL two Hour close below 18900