Bank Nifty uptrend is running out of strength, we can expect volatile move ahead and resulting in down move in coming days or weeks. Trading on short is safe at this levels. I have mentioned levels at which one can take short keeping stops and targets as mentioned in chart.
Nifty at supply area, one can go short keeping target 7800 and stop 8346, trade only when momentum indication changes.
Nifty closing above supply area on daily charts, 8225 to 8321 is another supply area. If it continues the upmove we can c nifty trading till 8500 levels only if it closes above the next supply area i.e. of 8225. Need to be watchful around 8225 area as it is 61% fib, of previous fall.
Nifty is in down trend channel, With recent swing low we have completed 127% of Fib retracement, a good point for fresh up trend. But looking at channel and Fib levels its going to be difficult for nifty to cross 8200 and 8400. Green and Red marks are spots where nifty is expected to turn or break the channel. Be watchful around this time.
Any close below 7730 will open a big down side and on up side 8010,8130 ranges needs to be watched.
Nifty moving in Wave 4 - ABC correction about to complete !! Go Long in Nifty around 7400 Final wave 5 of wave B about to complete in coming few weeks !! Crude & Other Commodities are good for India as cost of Input would be falling in coming years !! GST - Land Reforms - Labour Reforms -- Will happen and that might make this Elephant to be the Next...
The price is in Weekly/Daily ascending channel (green). Now, forming a falling wedge (bullish signal). The Fib C is at 61.8%, where price made bearish engulfing pattern to head south. D1 target is in line with 0% of AB swing and ascending price channel (8271), on break of this next target is D2 at 8040. However, I am expecting price to come at 8271 and then go...