Update

NEoWave Analysis of
Nifty & BankNifty Cash
Date of Report – 17-10-2019; 08:00 a.m
 Analysis of Daily Wave Chart of Nifty cash

1. The last two day’s price action seems to be forming an Irregular Flat pattern. The pattern starts from 11420.45 and may have ended at
yesterday’s low of 11411.10. The confirmation of pattern completion will come if cross of 11482 takes place today.
2. Hence, the cross of 11482 today may trigger an up move towards 11635. The target of 11635 may be achieved by end of 18-10-2019.
The stop loss for this trade is at 11410.
3. Those who are already long should trail their stop loss from 11185 to 11410 IF cross of 11482 takes place today. If Indices fails to take
out 11482 today then trail the stop level to 11340.
4. Look to book profits around 11635 if Indices reaches it today or tomorrow.
 Analysis of Daily Wave Chart of BankNifty cash

1. The general short term trend is up. The nearest resistance is around 28860 and support area is around 27700-27565. One minor support
also exists around 28180.
2. The cross above 28860 may push Indices towards 30000 approximately. The target of 30000 may be reached by end of 22-10-2019.
3. The above expectation will negate on cross below 28180. Hence, 28180 can be used as stop loss for initiating long position.
Thank you.

NEoWave Analyst – Nitin E.Bagde

Email address – nitin_in@hotmail.com