Banknifty next key date on 6th feb
Bank Nifty Index study with price action : Previously last week we had predicted for banknifty to achieve target of 48352 on 17 - 01- 2025 and next 49069 by 22 - 01 - 2025. The second prediction had a little miss but price went further down when the key date came on 22-01-2025. This key date was previously predicted for Nifty. Nifty did a good marking on this day, but Banknifty was hesitant to achive same ( by going further down similar to Nifty).
[Nifty Index looks better index to do the prediction than Bank nifty recently. I assume because of strongness of participant stocks.]
We assume that, bank nifty will be going sideways/downward till 6 - feb - 2025, still it has playing range till 47900. Also on 22nd jan ( key date ), we assumed Banknifty should touch 47900, but it was shy of 150+ points. But technically, it already achieved the target values ( see above for 17th and 22nd jan ). So what can be next down target ?, is not analyzed here.
It is little difficult to predict the days in advance when both indexes are not in sync here ( Nifty 50 and Bank nifty). As predicted in another post for nifty key date of 5th feb 2025, here we try to see a next key date for bank nifty and it comes to 6th feb 2025. What is a key date ?, not explained here.
When we have confusion in day chart for the time+price, we can assume (with lesser accurary), by going through other timeframes, which we will do in other posts.
As per price action, the market is still in a sideways/downward retracement ( bearish ). And we assume it will correct/sideways till 6th feb 2025 before doing further upward movement (bullish) which can be short upward correction or a change in direction ( that study we can do later ).
So the summarize:
Banknifty next key date 6th Feb 2025 ( will it be at end of smaller swing ? )
[Nifty Index looks better index to do the prediction than Bank nifty recently. I assume because of strongness of participant stocks.]
We assume that, bank nifty will be going sideways/downward till 6 - feb - 2025, still it has playing range till 47900. Also on 22nd jan ( key date ), we assumed Banknifty should touch 47900, but it was shy of 150+ points. But technically, it already achieved the target values ( see above for 17th and 22nd jan ). So what can be next down target ?, is not analyzed here.
It is little difficult to predict the days in advance when both indexes are not in sync here ( Nifty 50 and Bank nifty). As predicted in another post for nifty key date of 5th feb 2025, here we try to see a next key date for bank nifty and it comes to 6th feb 2025. What is a key date ?, not explained here.
When we have confusion in day chart for the time+price, we can assume (with lesser accurary), by going through other timeframes, which we will do in other posts.
As per price action, the market is still in a sideways/downward retracement ( bearish ). And we assume it will correct/sideways till 6th feb 2025 before doing further upward movement (bullish) which can be short upward correction or a change in direction ( that study we can do later ).
So the summarize:
Banknifty next key date 6th Feb 2025 ( will it be at end of smaller swing ? )
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