BankNIFTY about to reach our target, Now time to stay away!!

As per our prediction on 5th November when BankNIFTY had shown an immediate bounce back with long Green candle towards 52,250 levels. Then many analysts had predicted a bounce back to continue given the kind of candle formed on the charts.

However, based on the analysis presented in the YouTube video uploaded that day on our channel, we confidently predicted that Bank Nifty would experience an initial decline towards approximately 49,800 levels. As of today, it has already reached and even slightly surpassed the 49,950 mark and right now, struggling to maintain levels above 50,000.

Now what could be the next levels for Bank Nifty? Read on….

As you can observe in below snapshot, we are already at the levels of minimum decline vis-a-vis Wave -A, hence there could be a bounce back. However, there is 60 % probability of of market extending the downtrend until 48700. In case, we get bad global cues, it may even further extend by 1000 points more correction leading to the levels of 47,700 which is kind of worst case scenario. So, as of now, we are closing our short call, BUT, we are not initiating any buy signals as well. Markets want us to wait for next possible direction to emerge before next trade can be initiated. one thing is certain, that we will see more volatility in coming days at least in Bank Nifty, so if you are short trader in call / put options, you need to be extra careful. Sudden moves may push a deep hole in your pockets.