Banknifty Bullish view

Banknifty has formed super bullish rising wedge pattern. It can easily reach upto 46500 levels. And if it further sustains there there will be big target seen in upcoming time.

Target1 45800
Target2 46500
Target3 47000
Target4 47500
Target5 48000

Note

Another supporting factor to the above analysis. Major trend line support taken by the market in 1D 1W timeframe. Which normally people tend to ignore. Also 0.38 fibo support taken by the market. The only condition is it should not gapdown from this level.

Note

Also HDFCbank may support this market now due to LIC investment news. So every dots are connected now.

Trade active

Target1 is about to achieve.

Note

Banknifty is showing lot of strength but it hasnt moved much yesterday. May be it's waiting for the budge. today it can make or break. till budget it will be highly volatile. Ones it cross 200 EMA. it will become powerplay contender.

Updated ss below.

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nice price action based rally.

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Midcap has some strength now. Same kind of pattern formed.

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Budget move can be different. Cant predict that.

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Sensing bit of the bearish ess today. If i dnt short the market i will not go long either. Be careful.

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target2 done. market sustaining on the higher level today.

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Selloff from nifty highwr levels. Still BN able to hold the target1.

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You must have seen above comment. Therefore if market will gapdown on following monday 5th feb. I will become bearish. Please follow this analysis if market gapdown.

Banknifty again becoming stealth bearish

ashishhc

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ashishhc