Banknifty - Elliott Wave Update

by Dean Market Profile on Friday, September 07, 2012 in Banknifty, Elliott Wave, Indices, Updates

Daily Chart

Similar to Nifty I have been talking about the support zone for Banknifty of 9900-9675. Yesterday we tested that level, and today we have rejected it, with a strong gap up. The indicators are poised for an up move. The count so far is that of an impulse, and right now we are embarking on wave III of {C}.

But to achieve this we will need stellar performance from all banks, public private alike. ICICI, HDFC, SBIN should take the lead, and show the way to other peers. A broad based rally of all the sectors in the market would really help.

About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...

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Friday, September 07, 2012

Banknifty - Elliott Wave Update

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