Bank Nifty - Up, Up & Away ( 1000+ points) -Move Repeats

Jan 31

Disclaimer:
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.


WaveTalks - Market Whispers: Can you hear them?



Bank Nifty went up again, just like before, this time 1000+ points today 31st Jan 2024. It went down a bit first to 45071, retracing 50% of 44429 to 45660 upside move as expected & gave second buying opportunity & then shot upside holding true to our expectation.

Now, it's close to hitting a target of 46500, reaching 46132 so far at the moment.


25th Jan 2024

Bank Nifty jumped big after a wedge pattern unfolded at the bottoms of 44429 lows. We thought it might go up to reach 46500, and it already went up 1231 points on both days combined 25th & 29th Jan 2024.


Last Idea -
Bank Nifty-Post Wedge Crack from 45500-600 - 2nd Buying Opportunity?

What We expected Next?

For those looking to buy, think about doing so if it goes above 45700 or if it drops a bit from its rise from 44429 to 45660.

31st Jan 2024
Banknifty retraced 50% of the 44429 to 45660 to the opening lows of 45071 & Boom upside 1000+ points today 31st Jan 2024.


44429 lows was critical low

If Bank Nifty goes below 44429, then the expectation of it going up might not hold, and it could drop more & new lows can be expected immediately when the idea was published.

BankNifty Bulls

The goal is still to reach above 46500+ especially if it stays above 45660 which now becomes our support & earlier 45660 acted as resistance.

From
WaveTalks
Market Whispers: Can you hear them?

Feb 2

Trade closed: target reached

9:28 am / 2nd Feb 2024

Last @ 46651

Logical Target as mentioned in the idea since 29th Jan 2024 - got achieved at 46580's