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Manickamtraders

#Banknifty directions and levels for FEB 15th

Nifty Bank Index (NSE:BANKNIFTY)  
Manickamtraders  
NSE:BANKNIFTY   Nifty Bank Index
Harmonic Patterns Chart Patterns Elliott Wave BANKNIFTY bankniftytradesetup bankniftytrend bankniftyanalysis bankniftyview bankniftylevels bankniftyintradaylevels
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harmonicpatterns chartpattern elliottwaves banknifty bankniftytradesetup bankniftytrend bankniftyanalysis bankniftyview bankniftylevels bankniftyintradaylevels
Bank Nifty is a little different from Nifty. The current pullback is violating the wave rule, so it might be in a leading diagonal. If it's a leading diagonal, then it won't take a sharp rally. If it opens with a gap-up, then it may reject around 78%, and then we can expect a minimum correction of 38%. If it breaks 38%, then we take a breakout short position and fix our target at 50 and 61%. This is also applicable for initial market rejection. Here, the trend reversal will occur only if it breaks yesterday's low; then only can we consider this a correction.
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