BANKNIFTY Move stretches

Hi friends,
                  Had posted banknifty chart expecting a=c ie c finishing near 10440+
but the wave is stretching and we are nearing 161.8% ie 10688+.
Lets look at the chart.

From the fib extension
we see 161.8% comes
at 10680+ we are in
striking distance of it.
This is resistance zone
we would reverse if
we fail to cross this
level ,Tomorrow if
you see this level on
screen short it with


50 point stoploss .If we continue the upmove then ,I would consider this as impulse
And would adjust the count accordingly.

Regards
Rish

Nifty index technical analysis

Hi friends,
                   In my old posts i had mentioned about retest of 6100-6130
So we have tested 6130 today,Look at old post here Nifty structure.
Today nifty tested 6130 and closed above that its hovering in resistance
zone ,If my assumption of wxyxz is true we need to reverse soon from
this range,Lets look at the chart.

The green dotted line
is my preferred scenario.
I see nifty to fall from
this range towards 6090
6060 range and rise back to
6130+ to finish abc of z
wave ,Lets see how nifty
performs ,If nifty continues
to rise and heads towards 6190
i would have to change my count


Lets see if nifty follows green dotted line or continues upward journey.

Regards
Rish

Bank nifty moves in range

Hi friends,
                     I had posted Bank nifty analysis few days back ,After finishing
the abc it again started up move though still range bound,Lets look at the chart.

From the chart we see
after finishing green
abc ie B of bigger
degree the bank nifty
rallied for c wave up
now if a=c we have a
target of 10440+ .
If it stretches we will
see so as of now we
should target 10440+


on banknifty ie trendline resistance as well as a=c target.

Regards
Rish

Nifty Intraday 17th february

Nifty continues to be sideways at resistive trendline.
I think nifty would spend today and most part of tommorrow
at this range only and make some pattern,A triangle or a abc
triangle is more justified if nifty has to spend more time.

Avoid trading till its
in range its just gonna
take stoplosses both sides.
Yes stock specific action
going on.









Regards
Rish