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#BANKNIFTY Short Term Positional View for week ending 19th Nov
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#BANKNIFTY Short Term Positional View for the week ending 19th Nov
For the first time in 3 weeks, BN has closed on the falling trend line (marked in red circle).
BN has to sustain above this trend line to start afresh trend and projected movement along with the levels are marked on the chart.
The correction from 41,829 to 38,346 seems to be a flat 3-3-5 correction, this statement holds until the Invalidation line placed at 38,346 gets breached.
Strategy:- Buy in dips till the time 38,346 holds for higher targets.
Any breach of 38,346 will result in panic selling and if it breaks, then only will share my bearish view, else it might create unwanted panic.
Decision Zone:- 38,750 above +ve and below -ve.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
#elliottwave #banknifty #niftybank
For the first time in 3 weeks, BN has closed on the falling trend line (marked in red circle).
BN has to sustain above this trend line to start afresh trend and projected movement along with the levels are marked on the chart.
The correction from 41,829 to 38,346 seems to be a flat 3-3-5 correction, this statement holds until the Invalidation line placed at 38,346 gets breached.
Strategy:- Buy in dips till the time 38,346 holds for higher targets.
Any breach of 38,346 will result in panic selling and if it breaks, then only will share my bearish view, else it might create unwanted panic.
Decision Zone:- 38,750 above +ve and below -ve.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
#elliottwave #banknifty #niftybank
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