Rise in Bank Nifty seems corrective in nature taking a form of double correction WXY.So far we are done with wave W and in today's trading session we are seeing price giving confirmation of wave X end when it broke 36000 on the up side.
Generally in double correction wave Y achieves 100% extention target of wave W however it can even end at 61.8% extention.
One can expect price to continue its up move till the rectangle shown.
Initiate longs at cmp of 36300 sl for the trade would be closing below 36000 and target wud be 38200 and 39900
Disclaimer:THis are jsut my views on the index no position should be buuild or exited on its basis.
Generally in double correction wave Y achieves 100% extention target of wave W however it can even end at 61.8% extention.
One can expect price to continue its up move till the rectangle shown.
Initiate longs at cmp of 36300 sl for the trade would be closing below 36000 and target wud be 38200 and 39900
Disclaimer:THis are jsut my views on the index no position should be buuild or exited on its basis.
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Trail stop-loss to 36600
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Trail stop-loss to 38100