Bank Nifty - Is the Crack for 2540 Points Done!!!

WaveTalks Updated   
NSE:BANKNIFTY   Nifty Bank Index
After a big fall of 2540 points from 41671 highs as expected in the last video published on 1st March 2023 - Are we done with the current impulse?

Let us check out the simplest method of price confluence which is initial wave = final wave in the impulsive structure

Wow!!! Indeed that's the case as we see over the video.

39132 could be most important low & if correct then index could rally upside for targets mentioned below

Hope you enjoyed the last idea.

Last Idea
Video Transcript -

Hi, excited for short video on Bank Nifty- Is the crack for 2,540 points done from the tops of 41,671 giving us a very important low 39132. So let's quickly jump into this idea and let's check the outlook for the Bank Nifty. Before we do that let me just quickly take you to my previous idea and we were really excited that it unfolded exactly as it was, assumed that we are expecting a big fall from the tops as per this idea when it was updated on a 1st of March when it was published.

So we just closed this idea and we were looking out for a big fall and thanks. It just looks like the fall is in the place and how do we know that? This leg is completed.
There could be several ways of checking. One of the ways of checking could be, a classical wave measurements and getting some price confluence along with the timing confluence.

Simplest method is I'll just grab the tool, rectangular shape and place it top of 44,151 and to the bottoms of the candle at 41,569. Do you remember that idea where we figured out this ending diagonal as well? And we just reached right at the top of 43, 578 as a plan A, plan B, plan C, plan D, and that was amazing!!!

We just got that top as well. Coming back to this idea once you've measured this, you just place here from the tops of 41,671, and it's pretty close to this bottom of 39,132. So we are closely watching at this zone of 39,100 and 39,200.

Crossing upside beyond 39,700 levels, that would be our early confirmation. Yes risk takers can re take long positions if they want to take, but yes your stop losses have to be strictly below 39,132 or if you are a safe trader, then just wait for some confirmation. And what is that confirmation?

It has to cross above 39,700 six nineties. Let me just check. What is that level?

So the high is 39,768 to be more precise. So this, the high of this candle. Once it crosses, we would be in a better position to know that This bottom is almost done and could be heading upside, but yes, safe traders have to take their trades only above 39,768 if index is falling below that level.Just avoid trading. Okay.

In coming days and weeks ahead. Possibly four to eight weeks. We should just reach the target of 41,671 crossing this 41 671. We could attempt 42,000. And if 42,000 is crossed on upside, then third target would be 43078.80. So these are three successive targets in couple of weeks and months ahead.

Hope you enjoyed this short video and thanks for watching this. Bye.
3:25 Hrs / 15th March 2023

Last @ 39030

Currently we avoid taking short positions above 39K. Till the time it is holding below 39K it is good to be in selling side else chances of trapping downside will be much higher so we wait outside & allow pattern to unfold further.
10:18 am / 16th March 2023

(Last- 38722)

Taking a temporary support close to 38700 - we want to see what kind of bounce happens " if happens strictly above 38700 "......
11:13 am / 16th March 2023

Last @ 39188

Temporary bounce of 500+ points seen from the bottoms of 38600-38700 & we were happy to catch certain portion of the bounce right at the bottom.

Unless it crosses above 39915 - we have to wait
12:17 pm / 16th March 2023

Last @ 38825

It was indeed a temporary bounce & fall resumed again & from the tops it is 350+ points down

Giving us 700-800 points - 1st upside bounce + 2nd fall from the tops
5:55 pm / 16th March 2023

After a roller coaster ride below 39K & making a low @ 38613 which looks better & we wait for bigger green candle next upside as a follow up price candle, once we get & it crosses above 39915 - we get our next upside confirmation.

Key Resistance Level Next - 39915

Candlestick Pattern (Bullish) - Possibility of a Morning Star Candlestick Pattern unfolding next has a high chance.

Once we get that candlestick pattern which is "reversal bullish pattern" that will be our 2nd confirmation for "short uptrend" to start next.

Thank you
6:02 pm / 16th March 2023

Bullish candlestick pattern discussed above is on " Daily Price Chart"

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

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

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