BANKNIFTY - Another Harmonic in place.This chart looks quite clumsy displaying so many levels, but option sometimes, hence bear with me...
In yesterday's post, I talked about banknifty had crab pattern on intra charts and if it sustains above 21400, it can move towards 21550 and index would trend only above 21560.
What happened today: Index opened above our second level, i.e 21550, above which we had expected it to trend, and it did and made high around 21934.
Price Action Learning: when the market opens above one level up and sustains the second level, chances of moving in gap direction becomes higher.
For tomorrow: Intra chart now has another harmonic pattern in place and its prz aligns with prz of crab pattern. Bat pattern prz is quite precise i.e 21300 and crab last prz level is at 21200.
Thus 21300-21200 becomes an important zone, which will decide the further trend in the market.
Now sustaining above these levels, the index can test 21675 levels or today's session high, and any move above it may bring back the trending move.
On the flipside below 21200, the index may slip further, immediate support comes around 20800 levels.
Note: The market will be very volatile
