Bank Nifty Tip on First day of Monthly Expiry

Bank Nifty Tip

We are going to tell you how Bank Nifty is going to perform on this first day of monthly expiry and you have a look of the BankNifty Spot View For: 27/01/2023 below:

Cmp: 41647
Support & Downside Range: 41540—41318—41050--40819
Resistance & Upside Range: 41903—42130--42309
Short Term Trend Reversal Level: --
Trading View: In today's trading session key level to watch is 41540 spot levels where as of now bank nifty has formed double bottom after today's gap up market if bank nifty manage to hold this levels then we may see immediate upside move towards 41903 to 42130 minimum and max 42309 spot levels whereas if bank bulls unable to hold 41540 and we trade below it for 15-30 mins then we may fall towards 41318 to 41050 minimum and max 40819 spot levels so understand the importance of 41540 spot levels here

We will present below the analysis of Bank Nifty as per Elliot wave analysis and for the knowledge of the beginners we can state that the Elliot Wave Analysis is a method of technical analysis that was developed by Ralph Elliot in the 1930s. The theory is based on the idea that market prices move in repetitive cycles, which he called "waves." According to Elliot, these waves can be divided into two types: impulsive waves, which move in the direction of the larger trend, and corrective waves, which move against the trend.

Elliot believed that these waves could be used to predict future market movements. The basic idea is that after five waves in the direction of the trend, a corrective wave will follow, and then another five waves in the direction of the trend will follow.

The Elliot Wave Analysis is a complex theory that requires a thorough understanding of market dynamics, as well as the ability to identify and interpret wave patterns. Some traders use this analysis in conjunction with other forms of technical analysis, while others rely solely on the Elliot Wave Analysis. It's important to note that Elliot wave analysis is a subjective method and it's not universally accepted. Some traders find it useful while others not.

Banknifty live update cmp 40771 currently its forming abc x abc pattern in wave d of ending diagonal now 40600—40200 is very crucial support to watch here on closing basis the zone is big of 400 points but apart from this we do not have any level to watch so it's above patience till its holding 40600—40200 we still believe the ending diagonal pattern is still active and bank index still have a ability to left in it to out perform in coming days or can say after budget... It's time to hold the nurves till 40600—40200 spot holding on closing basis here and today's close need to watch close daily rsi at 32 and 1 hr rsi trading at 14 so bounce is expected later in the day or from tomorrow

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Trading Gyan

The cost of patience is more than 50% of your capital. Add discipline and it becomes 80%

So, if you have it, fine, else reduce your capital by 80%.

Remember this !!!!