Nifty Bank IndexLong
#Banknifty hourly chart Latest view
Updated
#Banknifty after making a fresh ATH in Dec 2022, has corrected for almost 5100 points and bottomed out in March.
Since then it is in continuous uptrend.
Currently price is in a upward moving channel and as per my little understanding of Wave, it is probably in (iii) of 5.
43800 is a strong resistance zone which, lets say it gave a fakeout in Dec and then went into correction.
Generally such correction leads to recovery via rounding bottom / inverted H&S or cup & handle pattern to come back to original high and then give a breakout.
Price has recently consolidation and made a strong double bottom near channel bottom and is showing no sign of weakness.
If My reading of charts are correct we may witness a new high and contiuous strong momentum on upside with immediate support placed around 43300 to 43200 band, below which we may see 42800 and short term structural change is only below 42500.
Happy Trading.
Since then it is in continuous uptrend.
Currently price is in a upward moving channel and as per my little understanding of Wave, it is probably in (iii) of 5.
43800 is a strong resistance zone which, lets say it gave a fakeout in Dec and then went into correction.
Generally such correction leads to recovery via rounding bottom / inverted H&S or cup & handle pattern to come back to original high and then give a breakout.
Price has recently consolidation and made a strong double bottom near channel bottom and is showing no sign of weakness.
If My reading of charts are correct we may witness a new high and contiuous strong momentum on upside with immediate support placed around 43300 to 43200 band, below which we may see 42800 and short term structural change is only below 42500.
Happy Trading.
Note
Still looking same. Note
Did you caught the bottom again with me :)
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