Bank Nifty Outlook- Harmonic, Historical & Impulsive 3rd Jan'24

Disclaimer:
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WaveTalks - Market Whispers: Can You Hear Them?

Pattern Insight: Bullish Bat Harmonic Pattern

Measurements:

- X at 47411
- A at recent highs of 48636
- B retraced 44.5% of XA leg (from 47411 to 48636)
- C at 48450

Projected Zone for Point-D:

Expected Range: 47550-47575

Key Reasons for the Outlook:

1. PRZ (Price Reversal Zone): The anticipated zone for Point-D of the Harmonic Pattern is between 47550 and 47575.
2.Historical Support-Resistance Play: The resistance level observed on 11th December 2023 could now serve as a support zone.
3. Market Dynamics Trivia: Hey folks, do you know what it's called when resistances transform into supports and vice versa? Question for the day, Traders!
4. Wave Analysis: The initial impulsive decline starting from the highs of 48636 could complete one of its wave degree in the 47550-47575 zone, marked in red as point-D.


Conclusion:

This analysis suggests a potential bullish reversal in the Bank Nifty Index around the 47550-47575 zone, based on :

Bullish Bat Harmonic Pattern,
Historical resistance zone which could act as support zone &
Impulsive fall or drop from the highs of 48636, could complete one of its wave degree in that zone.

Note - If 47550-47575 zone holds as support then a bounce may be expected upside to these levels next after opening fall tomorrow 3rd Jan 2024.

47875 / 47900

48100

Above 48100 - 48225

As always, remember that market conditions can change rapidly, and it's crucial to keep an eye on evolving patterns and indicators.


Trade wisely and stay informed!
From WaveTalks

Comment:

Market Update: 10:44 AM, 3rd Jan 2024


Current Status: Last price at 47631

Market Movement: The index experienced a drop of 250-300 points and extended its downside to a new low of 47481 in the first hour of trading.

Note for Traders:

Patience Required:
It's advisable to wait for now as the bounce from the lower level of 47481 could potentially be breached again.

Anticipated Movement:
Later in the day, we could expect an upside bounce from the new lows below 47481, aiming towards the 47875-47900 range.

Have a great day

Comment:

5:51 am / 4th Jan 2024

Last @ 47704

The index did not drop to new lows below 47,481 as expected yesterday. However, there are high chances it might retest the low of 47,481 made yesterday.

The next zone, between 47,480 and 47,510, could act as a support zone. Therefore, any drop or fall below 47,700 could present a short-term selling opportunity.

Trading Strategy (Plan A):
If the fall halts in the suggested zone, an upside bounce towards 47,775-47,800 could be expected.

Trading Strategy (Plan B):
If the index doesn’t fall below 47,700 and moves above 47,800, it could continue its bounce towards 48,075-48,100. Beyond 48,100, it may reach approximately 48,200.

Comment:

11:41 am / 4th Jan 2024

Last @ 48104

WaveTalks - Market Whispers: Can you hear them?

Plan B Worked Great, What's Next?

Hello Traders,

Hope you're doing well. You must have seen the index jump up by more than 400 points. It's like magic! Remember our Plan B in the early morning update? It worked just as we thought. The index went over 47,800 and almost reached 48,200. (Day High - 48181 at the moment)

What Next?
Great job on this one, but let's keep our eyes open. If the index stays below 48,350 to 48,450, there might be another chance for the prices to go down. So, stay alert and ready.

Trading is all about listening to the market's small hints.