Bank Nifty possible moves for next 1 month
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Bank Nifty has been moving in a channel since Covid time, it has formed a rising wedge pattern where the upper band starts at Covid time swing high and lower band starts at Covid time low.
I can not switch to monthly timeframe to show the rising wedge pattern on the chart else won't be able to show the possible moves within a month, but the sky blues lines are upper and lower lines of that rising wedge pattern. Here is the link of another post I made to show this wedge pattern on weekly chart:-
As of now bank nifty is in between and it is most likely forming ABC correction wave shown in blue color wave.
It has formed wave A already after making new LTH where it touched the upper line of pattern and now seems to be making the wave B to retrace back few points on upper side (wave drawn in green) and then it need to form wave C (wave in red color) which can possibly go till the lower line of the wedge pattern as drawn on the chart.
As bank nifty has so far respected this wedge pattern lines beautifully since Covid time means 2020 i.e. 4+ years so it is highly likely that it will get support around 49300-49500 if it reaches there following the pattern drawn. This is also 0.618 fib retracement taking 04 June 2024 low (46077) and LTH of (54467). From there it can start a new up move if gets support.
** I have predicted a possible downside move in Nifty 50 as well and for that to happen bank nifty shall fall too, here is the link for that post:-
** This is not a trade advise, just applying chart patterns, wave theory together to predict the possible moves and please do your own analysis before taking any trade.
** If it breaks below 49000 level then Bank nifty will lead to much bigger corrections but for now I am not predicting that to happen.
Thanks for taking a look and if you like or find the analysis relevant please like and share.
Also comment to provide your inputs which probably I have missed. Thanks!
I can not switch to monthly timeframe to show the rising wedge pattern on the chart else won't be able to show the possible moves within a month, but the sky blues lines are upper and lower lines of that rising wedge pattern. Here is the link of another post I made to show this wedge pattern on weekly chart:-
As of now bank nifty is in between and it is most likely forming ABC correction wave shown in blue color wave.
It has formed wave A already after making new LTH where it touched the upper line of pattern and now seems to be making the wave B to retrace back few points on upper side (wave drawn in green) and then it need to form wave C (wave in red color) which can possibly go till the lower line of the wedge pattern as drawn on the chart.
As bank nifty has so far respected this wedge pattern lines beautifully since Covid time means 2020 i.e. 4+ years so it is highly likely that it will get support around 49300-49500 if it reaches there following the pattern drawn. This is also 0.618 fib retracement taking 04 June 2024 low (46077) and LTH of (54467). From there it can start a new up move if gets support.
** I have predicted a possible downside move in Nifty 50 as well and for that to happen bank nifty shall fall too, here is the link for that post:-
** This is not a trade advise, just applying chart patterns, wave theory together to predict the possible moves and please do your own analysis before taking any trade.
** If it breaks below 49000 level then Bank nifty will lead to much bigger corrections but for now I am not predicting that to happen.
Thanks for taking a look and if you like or find the analysis relevant please like and share.
Also comment to provide your inputs which probably I have missed. Thanks!
Nota
As per predictions for now bank nifty is supposed to move up and today it has shown positive moves.Nota
As predicted bank nifty again on downside, and it is completing nifty50, but it is stronger than nifty 50 means it might not fall as much as nifty 50.Nota
bingo: As predicted Bank nifty moved down from 52504, also as predicted as compare to nifty the fall in bank nifty is not that strong so far.Nota
Low of 50383 done, there is another 1000 points downside possible....Trade attivo
As predicted on 13th October the bank nifty index has moved exactly the same way and very close the the final target of 49750, just 150 points away but it is very important number to get support else bank nifty can go into bigger correction phase.
If proper support is formed then from bank nifty ban show good up moves. But seems like till next mid week will have to wait as market looking choppy.
Trade chiuso: obiettivo raggiunto
The target of 49750 almost reached, Nota
49800 reached the final target, from here the close below 49800 will be very dangerous and will put bank nifty in bearish mode for long term.....
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