BANKNIFTY @ 50565 WAVE UPDATE
Finally we can say that BANKNIFTY has formed it's wave-2 bottom by completing ABC X ABC double complex correction at 49654 low. Now upside immediate resistance placed at 50900—51100 once BANKNIFTY gives close above this resistance zone on minimum 1 to 2 days closing basis it will immediately opens for 52400 to 53500 as next short term upside projection.
Now downside 49654 has become our new base support & pattern negation level to play upside bullish momentum. We feel that banknifty will catch up by moving upside in coming few days
Finally we can say that BANKNIFTY has formed it's wave-2 bottom by completing ABC X ABC double complex correction at 49654 low. Now upside immediate resistance placed at 50900—51100 once BANKNIFTY gives close above this resistance zone on minimum 1 to 2 days closing basis it will immediately opens for 52400 to 53500 as next short term upside projection.
Now downside 49654 has become our new base support & pattern negation level to play upside bullish momentum. We feel that banknifty will catch up by moving upside in coming few days
