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Pokarna has completed its impulsive wave c of the corrective wave ((4)). Wave C has traveled 100% Fibonacci extension of wave A at 548.

Currently, the price has broken down the A wave at 585. If it sustains below 585, traders can expect the following targets: 558 – 536 – 505.

505 is strong support because corrective wave 4 accomplish near the corrective wave 4 of a lower degree. If the bull fails to keep the price above this level, we can see a big downfall.

Otherwise, the price will touch the control line and then the upper band of the descending channel.

I will upload further information soon.

Yesterday, I published the Bank Nifty 4-hours & weekly timeframe chart. And I had mentioned updating the morning outlook for intraday traders and our premium subscribers. Here it is:

Is Bank Nifty Resuming Its Bearish Move?

Bank Nifty is occurring in the range between 34700 and, 33370. To get a tradable move, traders should wait for the breakdown of this range.

Traders can short below 34100 for the following targets: 33803 – 33540- 33452. In this phase of declining, traders must wait for a confirmation signal. Buyers can enter above 34700.

Is Nifty Preparing For 15950?

Nifty is forming in the range of 17500 – 16340. Price will face a consolidation if it trades between these levels. We can see big impulsive moves after the price breaks this level.

Today, We will see a gap down in nifty  with a speculative boom.
After Gap is down, if the price sustains below 16220, traders can expect the following targets: 16150 – 16036 – 15956.
Bottom always takes time to be formed. A long position is only possible above 16800.

Premium subscribers can wait for the future & options setup.