Bank nifty sharply corrected today after extending wave 3 exactly 2.618 Fib level.
Today it corrected to 23385 which is near to 0.5 fib levels 23250. Closed above major support 23605.
Based on this we can conclude that despite big fall it didn't break impulse wave structure and likely to go up.
This analysis will be invalid if touches 23211 then we may be looking at more deep correction towards 22814 0.618 fib level
If sustains above 23900 tomorrow 15-30 min we can see 24100,24300,24700-800 levels Stop loss to be used 23600
Disclaimer: This investment/trading may not be suitable for all investors or analysis can be wrong so ask your financial advisor before investing. Your capital will be at high risk and you may loose all while trading Futures and Options. This is not actual buy or sell recommendation.
Today it corrected to 23385 which is near to 0.5 fib levels 23250. Closed above major support 23605.
Based on this we can conclude that despite big fall it didn't break impulse wave structure and likely to go up.
This analysis will be invalid if touches 23211 then we may be looking at more deep correction towards 22814 0.618 fib level
If sustains above 23900 tomorrow 15-30 min we can see 24100,24300,24700-800 levels Stop loss to be used 23600
Disclaimer: This investment/trading may not be suitable for all investors or analysis can be wrong so ask your financial advisor before investing. Your capital will be at high risk and you may loose all while trading Futures and Options. This is not actual buy or sell recommendation.
Comment:
Sharp recovery from low and respected 23600 support
