BankNifty -400 Points Up: Making the Right Shoulder in the Index
Disclaimer:
Trading in financial markets involves substantial risks. Please consult your financial advisor before making any trading decisions. This message is not a solicitation to buy or sell. Perform your due diligence.
WaveTalks - Market Whispers: Can you hear them?
Today's Focus: Plan B's Mastery & The Emerging Pattern
Good day, traders!
As we discussed in our early 6 AM update - in the last idea of bank nifty ( Bullish Harmonic Pattern) the index followed Plan B to the letter, soaring over 400 points. A round of applause for everyone who joined in on this strategy!
What's Next?
We're now eyeing a fascinating development - the potential formation of a Head & Shoulder pattern. If our analysis holds true, we're on the cusp of forming the Right Shoulder. This becomes more evident if the index retraces back towards the 47,480's, all while maintaining below the 48,350-48,450 resistance zone.
We might just be the architects of this Right Shoulder! Let's stay sharp and watch as the market unfolds this pattern.
Stay tuned for more insights and remember, every move counts!
Trading in financial markets involves substantial risks. Please consult your financial advisor before making any trading decisions. This message is not a solicitation to buy or sell. Perform your due diligence.
WaveTalks - Market Whispers: Can you hear them?
Today's Focus: Plan B's Mastery & The Emerging Pattern
Good day, traders!
As we discussed in our early 6 AM update - in the last idea of bank nifty ( Bullish Harmonic Pattern) the index followed Plan B to the letter, soaring over 400 points. A round of applause for everyone who joined in on this strategy!
What's Next?
We're now eyeing a fascinating development - the potential formation of a Head & Shoulder pattern. If our analysis holds true, we're on the cusp of forming the Right Shoulder. This becomes more evident if the index retraces back towards the 47,480's, all while maintaining below the 48,350-48,450 resistance zone.
We might just be the architects of this Right Shoulder! Let's stay sharp and watch as the market unfolds this pattern.
Stay tuned for more insights and remember, every move counts!
Comment:
2:00 pm, 8th January 2024
Last price @ 47,789
As anticipated, the right shoulder has more or less unfolded from the resistance zone of 48,350-48,450, which was mentioned in the idea above.
We've observed a nearly 500-600 point decline from to the recent low of 47,718 at the moment.
What's next?
If the market holds above the 47,650-47,700 range, & crosses above 47850 there are high chances of an upward bounce back to the 48,075 and 48,200-48,225 zones.
Last price @ 47,789
As anticipated, the right shoulder has more or less unfolded from the resistance zone of 48,350-48,450, which was mentioned in the idea above.
We've observed a nearly 500-600 point decline from to the recent low of 47,718 at the moment.
What's next?
If the market holds above the 47,650-47,700 range, & crosses above 47850 there are high chances of an upward bounce back to the 48,075 and 48,200-48,225 zones.
Comment:
7:12 pm / 8th Jan 2024
Last @ 47450 (Adjusted closing)
As updated to one of our fellow colleagues in the comment section- next trading strategy
Under the 47,650 level, a wide range of outcomes is possible. However, if the index crosses back above the 47,650-47,700 range - and it's worth noting it has already dipped below 47,500 - then if it surpasses 47,500 and 47,700 tomorrow on upside, there's a possibility it might once again attempt to reach the 48,075 and 48,200 levels
Last @ 47450 (Adjusted closing)
As updated to one of our fellow colleagues in the comment section- next trading strategy
Under the 47,650 level, a wide range of outcomes is possible. However, if the index crosses back above the 47,650-47,700 range - and it's worth noting it has already dipped below 47,500 - then if it surpasses 47,500 and 47,700 tomorrow on upside, there's a possibility it might once again attempt to reach the 48,075 and 48,200 levels
Comment:
9:12 am / 9th Jan 2024
Pre Open - 47705
While opening do not hurry in trades as trapped sellers might might exit in gap up
opening.
So,
Short term trade
Opening close to 47700 & not holding or crossing above could give a fast & furious move downside to wards 47300-47400
Pre Open - 47705
While opening do not hurry in trades as trapped sellers might might exit in gap up
opening.
So,
Short term trade
Opening close to 47700 & not holding or crossing above could give a fast & furious move downside to wards 47300-47400
Comment:
9:15 am / 9th Jan 2024
Last @ 47710
2nd Scenario - already discussed post market on 8th Jan 2024 - holding above
47700 which was 2nd level of confirmation , Index to retest 48075 & above 48100 -it will attempt 48200
Last @ 47710
2nd Scenario - already discussed post market on 8th Jan 2024 - holding above
47700 which was 2nd level of confirmation , Index to retest 48075 & above 48100 -it will attempt 48200
Comment:
6:02 am / 10th Jan 2024
Last @ 47230 ( Adjusted closing)
Good Morning, Traders!
As we step into the new trading day, let's quickly recap yesterday's dynamic session and set our sights for what lies ahead for the BankNifty Index. Yesterday, we witnessed a gap-up opening around 47,700, followed by a slight dip to 47,590, neatly staying within our predicted zone of 47,500-47,700. The Index then rallied towards 48,000, reaching a high of 47,940, narrowly missing our first upside target of 48,075. However, post 2 PM, the Index experienced a sharp decline, erasing the day's gains and plummeting to a session low of 47,156.
So, what should we expect next? Let's dive in:
1. Asian Markets Outlook: We're expecting a mildly negative to slightly bullish opening in Asian markets. This could influence the domestic mood as well.
2. Key Levels to Watch: The BankNifty is currently holding above the crucial support zone of 47,150-47,200. If it maintains above this threshold, we could see a bounce back with immediate targets at 47,550 (1st target), 47,700 (2nd target), and 47,850 (3rd target) over the next few sessions.
3. Critical Resistance Zone: An essential point to note - for any further upside, the Index must sustain above the 47,500-47,550 zone.
As always, in these volatile market conditions, it's crucial to manage your risks wisely and avoid trading based on hope. Stay alert, stay informed, and let's aim for a profitable day ahead.
Happy trading!
Last @ 47230 ( Adjusted closing)
Good Morning, Traders!
As we step into the new trading day, let's quickly recap yesterday's dynamic session and set our sights for what lies ahead for the BankNifty Index. Yesterday, we witnessed a gap-up opening around 47,700, followed by a slight dip to 47,590, neatly staying within our predicted zone of 47,500-47,700. The Index then rallied towards 48,000, reaching a high of 47,940, narrowly missing our first upside target of 48,075. However, post 2 PM, the Index experienced a sharp decline, erasing the day's gains and plummeting to a session low of 47,156.
So, what should we expect next? Let's dive in:
1. Asian Markets Outlook: We're expecting a mildly negative to slightly bullish opening in Asian markets. This could influence the domestic mood as well.
2. Key Levels to Watch: The BankNifty is currently holding above the crucial support zone of 47,150-47,200. If it maintains above this threshold, we could see a bounce back with immediate targets at 47,550 (1st target), 47,700 (2nd target), and 47,850 (3rd target) over the next few sessions.
3. Critical Resistance Zone: An essential point to note - for any further upside, the Index must sustain above the 47,500-47,550 zone.
As always, in these volatile market conditions, it's crucial to manage your risks wisely and avoid trading based on hope. Stay alert, stay informed, and let's aim for a profitable day ahead.
Happy trading!
Comment:
11:37 am / 12th Jan 2024
Last @ 47707
Dear Followers,
I hope you're all doing well. Let's take a moment to review how the markets have unfolded since our last update on January 10, 2024.
Market Review:
Since January 10, we've seen some interesting movements in the index. After opening with a gap down and touching lows at 47010, the index rallied sharply to 47293, breaking through the 47150-47200 zone. This was our first indication that the index might head upwards, and it didn't disappoint. Although the journey was choppy, the index consistently held above 47150-47200. Notably, on January 11, around 2:15 pm, we observed a sudden drop to 47237 lows, but the index managed to stay above the highlighted zone 47150-47200 as suggested in the last update on 10th Jan 2024 and surged upwards again, successfully reaching our targets of 47550, 47700, and nearly hitting 47850. As of 11:01 am today, January 12, the index peaked at 47784.
What’s Next?
Now, the million-dollar question - "What next?" The recent upside trend has been quite erratic, suggesting that a downturn might be on the horizon if Index holds below 4750-47850 zone ( Avoid Selling, If Index staying above 47750).
Here are the potential targets if the index starts to slide:
1. Target 1: 47600
2. Target 2: 47400
3. Target 3: 47235
4. Target 4: 46900-47000
5. Target 5:More speculative, but if the index falls below 46800 & holds below
46800, it could drop to the 46450-46550 zone.
6. 46800-46900 is to take rest & be on sidelines
Conclusion:
As always, stay vigilant and observe market trends closely. The market whispers are there - we just need to listen carefully.
Have a wonderful weekend, and take care.
Remember:
Keep an eye out for WaveTalks – Market Whispers. Can you hear them?
Last @ 47707
Dear Followers,
I hope you're all doing well. Let's take a moment to review how the markets have unfolded since our last update on January 10, 2024.
Market Review:
Since January 10, we've seen some interesting movements in the index. After opening with a gap down and touching lows at 47010, the index rallied sharply to 47293, breaking through the 47150-47200 zone. This was our first indication that the index might head upwards, and it didn't disappoint. Although the journey was choppy, the index consistently held above 47150-47200. Notably, on January 11, around 2:15 pm, we observed a sudden drop to 47237 lows, but the index managed to stay above the highlighted zone 47150-47200 as suggested in the last update on 10th Jan 2024 and surged upwards again, successfully reaching our targets of 47550, 47700, and nearly hitting 47850. As of 11:01 am today, January 12, the index peaked at 47784.
What’s Next?
Now, the million-dollar question - "What next?" The recent upside trend has been quite erratic, suggesting that a downturn might be on the horizon if Index holds below 4750-47850 zone ( Avoid Selling, If Index staying above 47750).
Here are the potential targets if the index starts to slide:
1. Target 1: 47600
2. Target 2: 47400
3. Target 3: 47235
4. Target 4: 46900-47000
5. Target 5:More speculative, but if the index falls below 46800 & holds below
46800, it could drop to the 46450-46550 zone.
6. 46800-46900 is to take rest & be on sidelines
Conclusion:
As always, stay vigilant and observe market trends closely. The market whispers are there - we just need to listen carefully.
Have a wonderful weekend, and take care.
Remember:
Keep an eye out for WaveTalks – Market Whispers. Can you hear them?
Comment:
3:12 pm / 12th Jan 2024
Last @ 47655
What a selling............Look at the drop from the highs directly to 47602 -----1st target done
Last @ 47655
What a selling............Look at the drop from the highs directly to 47602 -----1st target done
Trade closed manually:
1:13 pm / 17th Jan 2024
Last @ 46272
Index dropped 1800-1850 points in today's session which completes the vertical distance from the head top to the neckline
& has important support zone 46250-46375 - If this zone holds , It can bounce upside or holding & falling below 46250. It will continue further downside.
Thank you
Last @ 46272
Index dropped 1800-1850 points in today's session which completes the vertical distance from the head top to the neckline
& has important support zone 46250-46375 - If this zone holds , It can bounce upside or holding & falling below 46250. It will continue further downside.
Thank you
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Last @ 48133
There is a support zone 48000-48050 so Index holding above this price , could retest opening highs of 48381
Only falling below 48000 - Index will give early clues that It is topping out