Nifty Intraday Update

Bank nifty - the decline today is only minor wave iv, nothing has happened to change that. Nifty fell too far so as per the chart I have to think about this wave count i-ii-i-ii that means more upward extentions but this requires the 20dma to hold on a closing basis at 11340. Remember my down level has always been at the 20dma as the pivot for this move so that remains. Bank nifty is still the leader on a one week basis so that will drive the rebound again over the next few days. No chnage in my overall view on this because of today's move. A 6th time Nifty falls back to the 20dma calling for support to come in. This level has worked better than momentum indicators in this move so we stick to it.