On your Mark : 12220
Get set: 12230
Short: 12236
I expect a probable correction till 11897. A strong resistance 12236. As Banknifty too is approaching its resistance area 26620-26850 .
In a current week, I expect dow to close below its opening and hence we may encounter a small pull back from our rally. 29108 is a major level from where the fall might begin. As RSI in daily timeframe is in the overbought zone and in weekly it is approaching.
So wait for the level to arrive and then short.
As of this week, from my perspective nifty will close below its open. As RSI in daily timeframe is in overbought zone and in weekly it's approaching that zone. Both of them indicate a small pullback from this rally.
One most probable support is on 28110. If price takes support on this level we can think of going long till various targets.
28460 is one possible level where shorting can be done.
As of today DJI may consolidate between 28110-28270 (in remaining today's session).
A gap up would be a probable guess. But the opposite might also come as Nifty is at its weekly 50-ma, though it crossed it smoothly. Though a marubozu is formed on daily chart and tells market sentiments are bullish be cautious. Rally for similar strength for 2 days and may burst the bubble.
And about 3rd wave. Guess it hasn't begun yet. Well that things gonna...
Bank Nifty is one of the most important sectors that will be defining the nifty 50 for the upcoming month. Will, there be any 3rd wave or not will mainly depend on this sectoral index.
Maybe. If panic selling and volatility are noticed in bank nifty as well then I guess the 3rd wave is up and we are going down.
You can also view bank nifty's Idea from the below.
