1 thg 9, 2020
#banknifty OI up by 8.35% and price up by 0.24 % shows the almost neutral position in FNO. What I mentioned on Yesterday:- "My view is LONG on the index, contrary to the majority of analysts" We still have the upside target of 25,827, so still have 500 to 1000+ points on the upside. Three targets are 24,526 / 25,232 / 25,827 All SL for long is revised to 23,385. #banknifty has given breakout above 23,220 after 2 months of consolidation (21,027 - 23,211 i.e 2,184 points range). Upside target's opened are 23,517 (completed)/ 24,364-24,524-24-556(completed) / 25,395-25,670-25,923 / 26,311 as long as 23,385 holds. GAP 25,923 - 25,670, 253 point gap in March, as a normal rule market always returns to fill up the gap. This gap will also act as resistance. Fibonachi Analysis :- 32,613 - 16,116 23.6% 20,009 Done 38.2% 22,418 Done 50.0% 24,364 Done 61.8% 26,311 Pending Strong Resistance:- 24,364 - 24,556 Strong Resistance:- 25,670 - 25,923 Strong Support:- 23,200 Elliot Wave:- Wave 3 can be 161.8% to 261.8% or 461.8% Wave 1 :- 21,403 - 22,410 Wave 2 :- 22,410 - 21,886 Wave 3 :- 21,886 - 25,232 (332% of wave 1) - Completed Wave 4 :- 25,232 - 23,385 (44.7% of Wave 3) - 1847 point (we assume it's completed, if not can till 23,165.) 50% 23,559 Done 61.8% 23,164 (Might or might not be) Wave 5 :- 23,385 - 24,526 / 25,232 / 25,827 *Wave 5 is typically 61.8%, 100%, or 123.6% of wave 4 Decision Zone 23,946- 24,143 Note:- Trade the levels, levels are staircase, you take small steps to go ahead. Trade what you see, not what you feel, trading is all about making money and nothing else.