Bank Nifty Outlook: The Classic Wedge Pattern Close to 44050

Bank Nifty Trading Outlook: The Classic Wedge Pattern Close to 44050

Pattern Unfolding: Classic Wedge Formation (As discussed recently ) 📐

Support Zone: 43540-43550 🛡️
Immediate Resistance Zone: 44000-44050 🚫
Bullish Signal: Index move above 43700 📈

Target Zones:
- Short-term bullish view above 43700: 43850-43950 (with a possible 50 points extension) 🎯
- If selling below 44050: First target 43550, followed by 43275 ⬇️
- Break below 43275: Next levels 42900-42950, then 42600 🎯
- Under 42500: Potential test of the 42105 low from Oct 26th 📉


Previous Successful Call: Selling at the peak of 46310 on Sep 15th with a similar wedge pattern 🔄

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Happy Trading,
WaveTalks

Comment:

1:27 pm / 9th Nov 2023

Last @ 43775

In Morning Session -----Index crossing above 43700 pushed to 43876 highs

Post Lunch Session ------- Index respecting 43700 once again & holding above , possible to push in 43850-43950 zone close to 44050 upper resistance

Comment:

"Watch out if #Nifty goes under 19,400, because Bank Nifty might fall a lot. Only keep your buys if Bank Nifty stays over 43,700 - that's the key level it hit at 2 PM today. Be careful! #BankNifty"

Falling Below 43700 ------Bank Nifty has already topped at 43876 highs in the morning

Trade closed manually:

Thanks