BankNifty - WaveTalks : Five Elements to Watch

WaveTalks Updated   
NSE:BANKNIFTY   Nifty Bank Index
Good Morning All,

Traders should watch these Five Elements to plan their trade next.

  • Penultimate Wave ( Triangular Wave)

    Upper trendline
    Upper trendline of the triangle shown in the circle can act as support so Index holding 41450- 41500 can push short term upside 41750-41800

    Key Level - 41051
    1st warning sign for bulls - break of key level

    Critical Level - 40800
    Most important level to break & bulls have to be extremely cautious

    Pattern Unfolding Next?
    Pattern which will unfold in next few sessions as it could be last wave (pattern) of the sequence which started from 37386.35 will decide the next course of action.

Once critical level 40800 is broken - Traders have to be careful.

2:22 pm / 7th Nov. 2022

Last @ 41461

Any bias for downside can become strong only once "key" level - 41051 gets broken & later falls below "critical" level - 40800

Thank you
2:38 pm / 7th Nov 2022

Trade active:
3:26 pm / 7th Nov 2022

Short Target reached at 41750

Trade closed manually:
Thanks & Good Bye

Do keep your eye on key level / critical level & good wishes for New year @2023

Best Regards,
Abhishek H. Singh
​Growth Director - TradingView India

YouTube Channel www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle

Telegram Handle

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.