BankNifty - Bullish Shark Sitting on Rising Parallel Channel

Aug 13

11:38 am / 13th Aug 2024

Last - 50325

The Bank Nifty chart showcases a Bullish Shark Harmonic Pattern forming within a rising parallel channel. The pattern suggests a potential bullish move, provided that the price holds above the crucial level of 50149, which should act as a strict stop loss for any long positions.

If the bulls can defend this key level, there is a strong possibility that the index could aim for the upper target zone around 50800+ levels. The alignment of the Shark pattern with the rising channel supports this bullish outlook.

Traders should monitor the price action closely, as maintaining the channel's support is critical for uptrend to start next & reach the target area close to 51000 -which is very important psychological level & Strong supply zone.

What is Supply Zone ? -Try & Ask these questions to yourself - get the answer, get the move & enjoy your week.


Regards,
WaveTalks

Aug 13

Trade closed: stop reached

12:55 pm / 13th Aug 2024

Low @ 50002

Last @ 50080

Even though stops are hit but Bulls won't give up easily until the strong demand zone close to 49900-50000 is breached convincingly.
Hitting the stops & bouncing upside above 50350 is still positive & Bulls to attempt 50800 & 51000 levels in next few sessions.

View is for Risk Takers Only close from 49900-50000 zone or wait for 50350 to cross on upside.

Only if They fail to hold the support zone will make situations tough for Bulls else all hopes for Bullish move is still open.