Two different methods, same result

143
HDFC Bank CMP 1989

Fibs - on the left the box has been made from the fib confluence which ended 2011. On the right is fib ext whose 1.5 is at 2009. Both made from diff zones but the result is the same.

Conclusion - Since composite has made a negative divergence on the monthly charts, expect a decent correction in this counter. In my view 1765 is the minimum as of now. Looking at this chart I can say with loads of confidence that BNF and Nifty are not making new highs.

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