NIFTYBANK usually, prints first then takes the broader market with it, either up or down. This time it is stuck below the halfway back point, just about that.
That feeds well both the bulls and bears.
Bears: Bears can take home the point the entire rise post the fall is stalled below the 0.50% and hence any further loss of upside from here and revisit 47600, can potentially mean start of next leg lower, watch the PIP picture
Bulls: Bulls can take home, the fact that trendline support, inverted hammer, ability to stay incrementally higher, not ABC but next five wave moves in motion.
That is the two sides of the same coin.
Clearly, the trendline is the one that we would like to respect and hence as long as that is held, the scope for upside probe is to be the option.
Also, as the days unfold, the point on trendline, incrementally creeps up and that has to be kept in mind.
Suffice to place 47800-48400 range, close either side opens up the scope for further move.
That feeds well both the bulls and bears.
Bears: Bears can take home the point the entire rise post the fall is stalled below the 0.50% and hence any further loss of upside from here and revisit 47600, can potentially mean start of next leg lower, watch the PIP picture
Bulls: Bulls can take home, the fact that trendline support, inverted hammer, ability to stay incrementally higher, not ABC but next five wave moves in motion.
That is the two sides of the same coin.
Clearly, the trendline is the one that we would like to respect and hence as long as that is held, the scope for upside probe is to be the option.
Also, as the days unfold, the point on trendline, incrementally creeps up and that has to be kept in mind.
Suffice to place 47800-48400 range, close either side opens up the scope for further move.
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