#banknifty analysis for 23rd June’2021 for NSE:BANKNIFTY by subhagghosh

#banknifty analysis for 23rd June’2021

Lower Time Frame Analysis:-

It’s normal to give a 50% pullback for the move from 33,937 to 35,281.

Again 34,450 to 34,600 area is a place to enter long, for higher targets.

Larger Picture:-

“We are in the up move which started on 3rd May from 32,054, which made high of 35,810 after 1 month on 4th June. Last 2 weeks we in correction move (wave 4 of the intermediate trend – Which is ideally the 4th wave which ideally 50 % – 33,932 to 61.8% – 33,489 of up move)

We are in ABC correction if we look at the intermediate trend, where the end of wave c is 100% – 33,943 to 123% – 33,604 of wave A (35,810 to 34,374).

Ideally market has taken support from 33,900 levels and the next round of support levels is around 33,489 to 33,604.

If we start moving above 35,040, then we can say we have completed wave 4 and is in Wave 5 – a logical target of 36,321 to 37,813.

Some consolidation is expected in the zone of 34,250 – 34,830, then we can start moving up.

Positionally, we must use the buy-in dip strategy only, until the up move structure fails below 33,274.”

Decision Zone:-34,768 -34,830 (above +ve & below -ve)

Decision Points :- Important reaction points, which price reacting to movements are 33,604 / 33,942 / 34,250 / 34,609 / 34,831/ 35,040 / 35,380 / 35,647 / 35,861

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will 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.

#elliottwave #nse # nifty #banknifty

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