#banknifty view for 20th Aug'21
first & foremost, this is a normal correction and need not be panicked
Do you see #banknifty weak?
Banknifty continues to trade above 20 & 50 DMA ( 35,417 & 35,226) and as long as these levels hold, there shouldn't be any panic button.
If we consider the upmove which has started on 28th July from 34,115, and if we consider we are in wave 4 - 61.8% of wave 3 is placed at 35,248 and 50 DMA is at 35,226, this area should act as support.
The structure invalidation point is 34,861.
DZ:- 35,656
On 4 hour time frame:- 50% & 61% projection is placed at 36,905 & 37,563 which may or may not be achieved.
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
first & foremost, this is a normal correction and need not be panicked
Do you see #banknifty weak?
Banknifty continues to trade above 20 & 50 DMA ( 35,417 & 35,226) and as long as these levels hold, there shouldn't be any panic button.
If we consider the upmove which has started on 28th July from 34,115, and if we consider we are in wave 4 - 61.8% of wave 3 is placed at 35,248 and 50 DMA is at 35,226, this area should act as support.
The structure invalidation point is 34,861.
DZ:- 35,656
On 4 hour time frame:- 50% & 61% projection is placed at 36,905 & 37,563 which may or may not be achieved.
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
