Bank Nifty forms ABCD Pattern,EOD Analysis

Saturday, November 5 Leave a Comment

As discussed in Last analysis  Bank Nifty closed below 19500 yesterday and did the target of 19300 also in gap down as bank nifty was not able to close above gann angle, now the range of 19100-19113 is very important holding the same  and moving above 19252 can see move till 19543.Bear need close below 19100 for move towards 19000/18850.  Close below 19000 can see fast move till 18850. Low mad today was 18961 but close above 19000, so bulls were able to protect 19000  range. Bank Nifty is forming a Bullish ABCD pattern which got completed in the range of 18950-18961, so holding this range we can see bounce back till 19252/19400. Bearish below 18950 for a target of 18850/18750.  Arrogance, in varied degrees, before the fall starts

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