BankNifty has completed sub-wave B of wave (Y) and started impulsive sub-wave C. Price has already broken down descending channel at 35250.
Currently, the price is forming a crucial range of 34337 – 33820 for swing traders. Sellers can initiate a short position if the price sustains below 33820 for the following targets:
34337 is a support level and pivot point, which holds vast demand pressure. Breakdown of the upper band suggests intense demand is exceeding supply pressure.
If the price reverses from 34337, traders can buy for the following targets:
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