Morning !
Referring to my two earlier posts on 14th and 17th June, about the upside targets of 8350 and 18077 on NIFTY and BANKNIFTY respectively. I had given my views on 14th that critical zone for NIFTY is 7980-7940 zone. But when NIFTY reversed from 8063 it had sufficed the requirement for downside and then moved upside again to breach 8295 and on Friday we witnessed what happened, post reaching 8285 again on thursday it reversed for downtrend and touched 7927 on low and closed at 8088.
Earlier too i was anticipating zone of 8000-7980 but when it reversed from 8063 it adhered to the rules and guidelines of EW but before breaking 8295 on top it again reversed and created lower low than 8063 at 7927, it still has retraced to a level of 7927 where it still adheres to EW the only difference is that instead of the correction of the wave starting from 24th May at 7715 till 8295 both the levels achieved by NIFTY on downside 8063 and 7927 became the A= 8063 B=8285 C=7927 for the upwave mentioned in the above line.
At pre open NIFTY today has opened at 8039, 50 odd points down. The targets remain intact on upside for 8350 and 18077 for NIFTY and BANKNIFTY with entry for NIFTY at 8000-8050 zone and SL of 7926 and for BANKNIFTY at 17350-17250 with SL of 17150.
The SLs this time have are a bit bigger as compared to my usual calls but the risk reward ratio again is worth it for both NIFTY and BANKNIFTY.
Remember this impulsive would breakout upside again as mentioned by me irrespective of the BREXIT event.
Happy Trading !
Referring to my two earlier posts on 14th and 17th June, about the upside targets of 8350 and 18077 on NIFTY and BANKNIFTY respectively. I had given my views on 14th that critical zone for NIFTY is 7980-7940 zone. But when NIFTY reversed from 8063 it had sufficed the requirement for downside and then moved upside again to breach 8295 and on Friday we witnessed what happened, post reaching 8285 again on thursday it reversed for downtrend and touched 7927 on low and closed at 8088.
Earlier too i was anticipating zone of 8000-7980 but when it reversed from 8063 it adhered to the rules and guidelines of EW but before breaking 8295 on top it again reversed and created lower low than 8063 at 7927, it still has retraced to a level of 7927 where it still adheres to EW the only difference is that instead of the correction of the wave starting from 24th May at 7715 till 8295 both the levels achieved by NIFTY on downside 8063 and 7927 became the A= 8063 B=8285 C=7927 for the upwave mentioned in the above line.
At pre open NIFTY today has opened at 8039, 50 odd points down. The targets remain intact on upside for 8350 and 18077 for NIFTY and BANKNIFTY with entry for NIFTY at 8000-8050 zone and SL of 7926 and for BANKNIFTY at 17350-17250 with SL of 17150.
The SLs this time have are a bit bigger as compared to my usual calls but the risk reward ratio again is worth it for both NIFTY and BANKNIFTY.
Remember this impulsive would breakout upside again as mentioned by me irrespective of the BREXIT event.
Happy Trading !
Perfect analyze Abhi bhai!!!
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