Fiscal defecit wideneing and falling rupee prices against dollar
could not hinder the bull market in bank nifty,
Last week I was little confused about the completion of
wave 5 rd as it retraced from the top line of the diogonal.
As we see 4th week candle violated the low of 3 rd week candle
but there was no subsequent selling.
It is really difficult to know where the impulse wave ends ,
On weekly chart it appears the recent pull back is 4th wave pull back.
when 3 rd wave is extended 4 th wave pull back can be shallow here 23.6 percent.
so it appears still upside left in bank nifty.
important level to watch whether friday low is violated on closing basis or not
if Friday's low is convinishingly broken then nest support comes at 42730,
upside target for bank nifty is 43757.
it appears to me upside target will be hit unless we see narrow range days