Thread by @dromdeshmukh77

#Nifty
#Banknifty

Weekly analysis Short video posted.
(Link at bottom).
Recorded on mobile without cuts n editing (time constraints), so please ignore if there r some errors.

Focus on content 😃

#nifty
#banknifty
Important levels.

Don't trade based on this.
Sharing only for learning purpose.

#banknifty keep these possibilities also in mind.
It's leading diagonal formation in 4th corrective wave.
Or one can call it a rising wedge pattern also.
5th wave may touch uptrend line & then fall.

1/2...

So to conclude -

1. Till we r above 37370-37400 we r moving towards 38400/38500 levels
Invalidation hlry close below 37370/37400 zone

2/n...

2nd scenario, we may touch upper Trendline & break it after consolidation to continue upwards journey (less likely)

3rd scenario, reversal from 38400/38500 zone after zigzag formation in 4 th wave.
To form a downside impulse wave towards 36500/35500

3/n

So while Market is in zigzag formation it will hunt SL on both sides due to its volatile nature.
Better to wait for confirmation

1. BREAKOUT of Trendline & follow up on either side
2. Reversal from support/resistance zones as per candlestick or price action