Unit of Technical Analysis

17408 is 50% And 17306 is 0.236 level of reversal If it sustains above this levels we will see an uptrend or We move downwards towards 1.618 level of downtrend

@2390 reliance will be completing an hourly retracment of 1.618 level

Nifty has also completed 1.272 retracement cycle in Daily

Bank Nifty down from 38000 to 36666: around 1400 points. T1 was 37559 while T2 was 36400

T1 done

Bank nifty gave a 50% pullback from the day range, moving down now

GANN 120 days cycle: A. 22/4/21 - 20/8/21 (marked with vertical red lines) in this 120 days cycle, we saw a sharp uptrend for 2 months 22/4/21 to 16/6/21 then consolidation for 1 month upto 28/7/21 before we saw a sharp upmove. Bull cycle Levels: On the bull cycle levels (fibo with 2016 low as 0 and Jan'20 high as 1) we saw movement from 1.272 levels (13955) to 1.618 levels (15894) which was around 1700 points then a consolidation for 1 month and then upmove respectively. B 20/8/21 - 20/12/21 (marked with vertical red lines) Again in this 120 days cycle, we are seeing a sharp uptrend for 2 months 20/8/21 to 19/10/21, hopefully we should now see a consolidation before we see a sharp upmove. Bull cycle Levels: On the bull cycle levels (fibo with 2016 low as 0 and Jan'20 high as 1) we saw movement from 1.618 levels (15894) to 2 level (18035) which was around 1600 Nifty points increase again the market is trying to consolidate around these levels. We will try to create a long position as per market position.

Nifty Daily Chart: Nifty has not given any clear direction till now, since the Trend it Negative it should move down upto 17754 (0.236 of RHS Fibo) if it sustains above 17911, It has chances to move up upto 18082 which will be deciding factor. Trade with the trend.

Bank nifty Chart: Dailysince BnF was not able to move upward yesterday. It should move downward towards target of 1.272 (T1): 37506.43 1.618 (T2): 36330.47

trailing SL to Cost, since price is near/above 0.786 level

Similar Intrady movement in Bank Nifty

Intraday entry level @0.236 SL at days low. should move above 0.5 & 0.786 level of the day.

Nifty Daily 50% retracement support + Intraday 0.236 retracment level

bought 2 more lots of Nifty 50% of long range+ 0.236 retracment of intraday

Reliance: after resistance @2605 level (50% of range) has come down to 2527 level (0.236 level)

closing exactly above 18108, which is 50% of the range (LHS Fibo)

Reiiance: 2586, 50% of day range

18140 is 50% of the day range formed, let the market be above these levels

low of 18106 near to 18108 currently

Nifty Daily Chart considering 1st fibo left hand side (0-1 level) Nifty has given a closing below 18108 level. tomorrow closing above 18108 level will be closing. 1st support wil be at 18006 (0.786 level of 2nd fibo, this Fibo is from low of 17613 to high of 18112.)