Nifty has finally moved below 5300 levels and Bank Nifty near to 10000 levels.
All this looks really bad as markets are breaking all the supports and showing no signs of strength at any levels.
Well one should not fight rising ADX especially when it is above 30 levels. Two days back only I posted (link here) that the ADX is rising from below 20 levels and the trend is bearish. It was the same trade setup which occurred in Sep rally for markets.
For Bank Nifty the 10000 levels will be psychological and action at this level will be worth watching.
The Fibonacci projections for the current wave stands at 5220 levels and for Bank Nifty at 10000 and 9700 levels.
All this looks really bad as markets are breaking all the supports and showing no signs of strength at any levels.
Well one should not fight rising ADX especially when it is above 30 levels. Two days back only I posted (link here) that the ADX is rising from below 20 levels and the trend is bearish. It was the same trade setup which occurred in Sep rally for markets.
For Bank Nifty the 10000 levels will be psychological and action at this level will be worth watching.
The Fibonacci projections for the current wave stands at 5220 levels and for Bank Nifty at 10000 and 9700 levels.
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