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Bank Nifty EOD Jan 5 Update

Today bank Nifty opened Gap Up and continued to move up till 18164. We will take a look at Daily chart:
Daily chart shows that Index is moving within channel shown in Blue color. Index reversed from Mid BB line and this zone is providing strong resistance to Index. Expect Index to move down towards lower line of channel unless it takes out 18250 level on daily closing basis.

Hourly chart suggest completion of wave b and Index should move down in wave c of wave 5(As assumed by me).
The possibility of Diamond shape pattern can not be ruled out. In that case, we should see a sharp down move.
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