BANKNIFTY is in a trading range(TR) and should be traded accordingly. Buy at the bottom of the range and selling at the top of the range. Price can do below or above the TR, but will get back in range. Breakout of this trading range will be complete until price show a follow through of the TR. Do not target the exact low and high of the TR, maintain 50 - 75 points...
The near future on BANKNIFTY looks pretty intense. Many market participants are expecting a correction and some are just looking to buy on dip. I have drawn 2 possible outcome with the help of wave analysis. The red line is correct wave, whereas blue line is impulse wave. I will track this wave and update in case things change. As we all know nothing is certain...
BANKNIFTY had downward breakout as the odds were in favour due to reversal diamond pattern. Now we are in a broad channel with a odds of upside breakout. Check out my wave analysis to get a broader picture.
BANKNIFTY has formed a wedge at pattern at the bottom. 60% chance we can see a reversal from here or form a trading range. 40% the down trend will continue.
BANKNIFTY has shown a good reversal pattern that has formed in last 2 days. Expanding and contracting pattern (diamond pattern). I see good odds of a reversal on a 5 min chart.
