Bank Nifty - Will This Be Wave E towards 52000+

2 days ago

As discussed last .....BankNifty unfolding a triangle & again took support close to 51000 which is most important support zone 50800-51000

Can we get Wave-E upside & achieve 800-1000 points target upside

Strictly -----No Buying ------If Index drops below 51000 ...................

Regards,
WaveTalks
Abhishek

17 hours ago

Trade active

12:15 pm / 13th Nov 2024

Last @ 50663

As suggested in the idea above - 51000 was important level & it opened close to 51000 at 50971 & bounced upside towards 51350's marking minor resistance

Post opening & falling below 51000 - where we suggested to avoid taking any buy or no buying please.

Index dropped below 51000 towards 50600 which is again very important key support 50500-50600 with critical support zone 50350-50400
Previous rise from 50380's to 52494 has been retraced 80% + which is standard retracement if Triangles are unfolding

What Next?
If Index can defend 50500-50600 zone & holds above 50700 crossing 51000 next will be the early signal for proposed upside move

Solid crossover comes when Index crosses 51350-51400 zone from where it started falling this morning after making highs

Crossing above 51400 - Our Target will be 51875 - 51900 & Above 52000 - IT can extend to 52200-52300 where it retraces 80% of the current downside move finishing the structure.

Hope this helps. Have a great week ahead