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Bank Nifty EOD Pre Budget Day - Jan 31

Bank Nifty moved down to 19435 and corrected to 19624. Below is 15 min chart:
Wave B is in progress and it looks like minor wave a (at 19445)and minor wave b (at 19624) are completed. Minor wave c of wave B is in progress. In the last 30 min Bank Nifty faced stiff resistance at 19590/19583 Gann nos and closed at 19515. There is very likely chance of major Gap Down as this is wave c and Bank Nifty closed below 19590.

Wave B may take complex correction pattern due to high volatility on account Budget event.
Daily chart show Doji candlestick pattern that signifies that market is not sure about direction. My observation is that when it forms 1-2 days after a top, Index has major Gap down on next day and go further down. Let us see whether that happens tomorrow!

Tomorrow is Budget Day and we may see huge swings during Budget presentation! A close below 19000 may be bearish for Bank Nifty.

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