On Oct 23rd, when Banknifty broke down critical support area at that time expected that this correction can possibly lead to a panic sell off towards 41800 zone. Index today made a low of 42100.
Possibility is that Index is doing correctly a ABC correction, with marking marked as per on the chart.
Markets are currently oversold and possibility of a pullback can't be ruled out here and then be may be test of the super strong demand zone of 41800 to make another low with some more +ve divergence on multi time frame
Let's see what happens but chances are this correction will soon end :)
Happy Trading.
Possibility is that Index is doing correctly a ABC correction, with marking marked as per on the chart.
Markets are currently oversold and possibility of a pullback can't be ruled out here and then be may be test of the super strong demand zone of 41800 to make another low with some more +ve divergence on multi time frame
Let's see what happens but chances are this correction will soon end :)
Happy Trading.
