WaveTalks

BankNifty - Navigating The Complex Correction in 39695-39275

WaveTalks Updated   
NSE:BANKNIFTY   NIFTY BANK
It was all amazing last few days as we have discussing how bulls could be trapped on the top close to 39695- which is one the key levels in the unfolding triangular correction

Have been student of astrology for last few years, it happened fortunately that I came across my bible book -American Ephemeris 2020-2030 on last Friday 24th March 2023 &

Realised that Moon will be passing through Gemini on 27th March 2023, I quickly updated on Saturday, 25th March about bulls short term trap


Wow!!! I was amazed how this structure unfolded


It is a triangular correction ---------------till the time 39695 -------key level is intact on upside


Trading Strategy

Holding Above 39400 - minor support we look for 39630-39650 touching the falling trendline

Once final leg upside is done & strictly holds below 39695 highs which should not be breached on upside, Index can drop to below targets

39275
Breaking 39275 - we look for 38925/39000




Thanks
Abhishek H. Singh, CMT
Comment:
Video Transcript of the Idea

Hi, excited for short term video idea on Bank Nifty - navigating the complex correction from the tops of 40,260.

This has been unfolding into a messy structure. It is right now unfolding a complex structure within a complex structure from the bottoms of 38,600 lows. It was quite impulsive here all the way to 40,201. And post this move, it started doing lot of choppy moves up and down, up and down. Looks very confusing at the moment, but to my understanding it is unfolding as a triangular correction and we are almost close in the final leg.

We could be touching very close to the trend line upside holding below 39,695 and the most exciting part of the correction was the top 39,695 two days back, I suggested somewhere that we are looking for a short term top in the markets on coming Monday, 27th March 2023 because of lunar cycle.

Lunar Cycle ( Moon passing through Gemini) - How it can affect intraday trading!

Yes, that's correct. I even follow astrology to some extent and too few, I have shared that as Moon passes through Gemini on 27th March 2023, we could be forming a short term top and you have to be careful because bulls can get trapped there and right, it just pushed upside and midway during the session, or closed towards the end of the session / lunch session, we got the sharp fall and index closed very much in the proximity or near the previous low of 39,275.

How markets moved today so far on 28th March 2023

39275 is a key level at the moment. It shouldn't break. Holding this key level we started pushing upside. We opened gap up. It tried coming all the way down close to 39,300 levels. By holding this low it started pushing back and reached to 39,500 hundred targets as suggested and now it is heading towards 39,600.

So we are still holding and expecting somewhere close to attempt this falling trend line on upside. Once that reaches holding this key level which is 39,375 and 39,400 till the time it holds this, it can attempt upside towards 39,630’s & 39650’s.

Respecting the Falling trendline connecting 39767 and 39695

Respecting this falling trend line, what can be expected next is something like this. Let me just pick up an arrow here. It could just push to the final attempt upside towards 39630. Let me change the color and then finally holding the resistance on the top it could just fall to 39,275. And if it breaks then previous support which is 38,925 something like this. So, just be careful here. The key support and minor support is 39,375 and 39,400 hundred. It shouldn't go below this or if it is going even below then we are looking very close to this as a support and then bounce back in the final leg. And if this gets broken to the downside then it is straight downside to 38,925.

Thanks for watching this video and hope you have an exciting session ahead. Bye.
Comment:
It was amazing to see BankNifty in action in the last one hour session as It pushed upside towards 39650

Day High was 39645

Snapshot - 10:51 am / 28th March 2023



Snapshot - markets about to close

Trade closed manually:
10:49 am / 29th March 2023

Last @ 39881

Index since opening crossed above 39695 & did not hold below that key level as suggested which indicated that structure could be violated.

Has to be reviewed next.
Comment:
11:00 am / 29th March 2023

Last @ 39868

Although it has crossed above 39695 -key level ..............but be careful if it drops below 39695 in 2nd half session - if that situation unfolds then also high chances that drop can take all the way towards 39275 & 38925-39000 support zone.

Thank you
Comment:
Correction looks done at the the tops of 39943 Highs / Be careful as falling below 39800 will be early sign

Comment:
3:20 pm / 29th March 2023

39685 again troubled & did not go below but outlook remains negative on short term basis & we are looking for one leg downside atleast

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)
Disclaimer

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.