BankNifty:Tale of Triumph and Trials,Bulls or Bears-Which Side?

Netflix - Scoop
The riveting Netflix web series "Scoop" brought to life a powerful saying from the book **"Behind Bars in Byculla: My Days in Prison" by Jigna Vora**. The line, **"If someone says it’s raining, and another person says it’s dry, it’s not your job to quote them both. Your job is to look out of the window and find out which is true" is a fitting metaphor for our exploration of the BankNifty index.** Here, we don't just parrot what others say, we strive to unravel the truth behind the numbers and the patterns.

**The story began at WaveTalks**. On the 25th of July, 2023
we published an enticing TradingView idea focusing on the BankNifty Index and outlined an **Expanded Ending Diagonal**. For the adventurous risk takers, we pointed towards potential targets:

- First stop at 46155
- A second milestone at 46263
- The final leap to 46369

The narrative took a thrilling twist on the 27th of July, 2023. The Index raced towards our 3rd target, pausing just short at 46310. Then, it took a breathtaking nosedive, shocking the bulls with a Niagara-like fall from the highs of **46310 to the lows of 45238**.

**Now, traders are left wondering, "What's next?" The markets never sleep, so our story continues...**

**On the larger timeframe-4 Hour Chart**
We're seeing the formation of a tantalizing pattern - a potential rising wedge once again. **But here's the caveat**: **the Index needs to hold its footing at the crucial psychological level of 45525 to bounce back upwards.**

**If we stand firm above 45525**, we're looking at an exciting upward trajectory:

- First target at 45790
- Second target at 46300
- Third target at 46500

- **And if we cross beyond 46500**, we're aiming for a final target between **46900-47000+**, coinciding with the completion of the wedge pattern.

**Here comes the thrilling climax**. **What happens after reaching a new all-time high?**

Brace yourselves as we could see a rerun of the Niagara plunge from the 27th of July, 2023. From the new all-time highs of around 47000, the Index could potentially tumble to 43345, as marked by the menacing black arrow downside.

**WaveTalks** wishes everyone a joyful weekend!
As we delve into the narrative of BankNifty, we ask you - are you siding with the bulls or the bears? Stay tuned for more, and remember, it's not about echoing what others say, it's about understanding what's unfolding in the market.

Best Regards,
Abhishek H. Singh
​Growth Director - TradingView India

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