#elliottwave analysis on #banknifty till 31th Dec'21
#elliottwave analysis on #banknifty @ 35,618.65 on daily time frame.
Period DMA
MA50 38165.54 Sell
MA100 37252.45 Sell
MA200 35734.42 Sell
Pivot:- 36,697
FNO analysis:-
Highest CE writers @ 36,000 [17.61 L] and put writers are seating at 36,000 [11.34 L] 35,500 [10.35L] & 35,000 [9.55L]
Aggressive call writing at 36k levels.
PCR 0.4775 and max pain at 36,000 levels.
Technicals:-
Last month Low:- 35,327
If this low is breached, don't long in the index until 37,581 is crossed.
Note:- If low is respected, then wave 5 truncations might happen and we might shart moving in a new direction and a short-term low can be formed here.
This is view is for the next 2 to 3 weeks, the market is currently in an oversold region and bounce might not be taken as reversal till we crossed above 37,581.
On intraday market might go up due to deeply oversold.
Regards,
SG
Period DMA
MA50 38165.54 Sell
MA100 37252.45 Sell
MA200 35734.42 Sell
Pivot:- 36,697
FNO analysis:-
Highest CE writers @ 36,000 [17.61 L] and put writers are seating at 36,000 [11.34 L] 35,500 [10.35L] & 35,000 [9.55L]
Aggressive call writing at 36k levels.
PCR 0.4775 and max pain at 36,000 levels.
Technicals:-
Last month Low:- 35,327
If this low is breached, don't long in the index until 37,581 is crossed.
Note:- If low is respected, then wave 5 truncations might happen and we might shart moving in a new direction and a short-term low can be formed here.
This is view is for the next 2 to 3 weeks, the market is currently in an oversold region and bounce might not be taken as reversal till we crossed above 37,581.
On intraday market might go up due to deeply oversold.
Regards,
SG
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