Banknifty's Long-term Analysis on Daily Chart
Look at the confluence of Feb Ratios. The correction of the whole up-move of 6766 pts (From 37386 on 30th Sep-22 to 44152 on 14th Dec-22) is heading towards Feb 78.6% at 38860 and "c" is also heading Feb 123.6% projection of wave "a" (a=2560 )at approx 38860 (it looks like a-b-c correction)
If it sleeps below 38860, the "c" wave of BN can go next to the 138.2% Feb projection of wave "a" at 38500 lvl or even at 37900 @ Feb 161.8% projection of wave "a" But chances are high that we may see a positive recovery and trend reversal from 38860 level.
If it sleeps below 38860, the "c" wave of BN can go next to the 138.2% Feb projection of wave "a" at 38500 lvl or even at 37900 @ Feb 161.8% projection of wave "a" But chances are high that we may see a positive recovery and trend reversal from 38860 level.
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