Bank Nifty EOD Jan 19 Update

Bank Nifty moved in small range today! It started showing weakness. Low made today was 19045 and High was 19183. It closed at 19124, down 30 points from yesterday's close.

Today Bank Nifty broke Middle BB on hourly chart that was providing strong support for Up move started from Jan 5. Also RSI level 59 is broken today that was acting strong support for Up move. It also broke lower line of Blue channel along which it was moving in sideways move from Jan 12. So possibility of down move is now high.

Possibility of wave (C) terminating in ED is looking quite high.

Tomorrow Index may open Gap Up to complete wave c of wave (v) of ED. If Index opens Gap Up and start falling sharply then it may quickly reach to 18800(assuming ED, it started at 18782) where even lower line of Brown channel is placed.

The Bank Nifty retraced 61.8 % of down move from 20309 to 17606.

So everything is pointing towards correction/reversal of Up move started from 17606.

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VIX Analysis

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BankNifty Update For Jul-09,2020 - Weekly Expiry

Banknifty opened Gap up @ 22700 and then achieved all our bullish targets of 23900/23000. But the upmove was very choppy and looked like terminating pattern and was not easy to trade. So I did not take a trade on the upside. My observation was Banknifty good up (250-300 points) while Nifty was not at all moving up and was just 10-15 points up and VIX was increasing. That was a signal that there is a high probability of reversal. (I twitted this around 12.30 pm). Banknifty continued its upmove and VIX was not falling, so I was sure that reversal is on the card from the strong resistance zone of 23900-23000/50. In yesterday's post, I mentioned about daily RSI @ resistance. That was another reason I was expecting a high probability of fall after it moved higher levels to come to at least yesterday's close levels or below. I got down-trade from almost 23000 to 22700 (got out earlier as it was intraday and not much time left though I was expecting at least 22600. It gave a much lowe...

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