Bank Nifty Outlook- Harmonic, Historical & Impulsive 3rd Jan'24Disclaimer:
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WaveTalks - Market Whispers: Can You Hear Them?
Pattern Insight: Bullish Bat Harmonic Pattern
Measurements:
- X at 47411
- A at recent highs of 48636
- B retraced 44.5% of XA leg (from 47411 to 48636)
- C at 48450
Projected Zone for Point-D:
Expected Range: 47550-47575
Key Reasons for the Outlook:
1. PRZ (Price Reversal Zone): The anticipated zone for Point-D of the Harmonic Pattern is between 47550 and 47575.
2.Historical Support-Resistance Play: The resistance level observed on 11th December 2023 could now serve as a support zone.
3. Market Dynamics Trivia: Hey folks, do you know what it's called when resistances transform into supports and vice versa? Question for the day, Traders!
4. Wave Analysis: The initial impulsive decline starting from the highs of 48636 could complete one of its wave degree in the 47550-47575 zone, marked in red as point-D.
Conclusion:
This analysis suggests a potential bullish reversal in the Bank Nifty Index around the 47550-47575 zone, based on :
Bullish Bat Harmonic Pattern,
Historical resistance zone which could act as support zone &
Impulsive fall or drop from the highs of 48636, could complete one of its wave degree in that zone.
Note - If 47550-47575 zone holds as support then a bounce may be expected upside to these levels next after opening fall tomorrow 3rd Jan 2024.
47875 / 47900
48100
Above 48100 - 48225
As always, remember that market conditions can change rapidly, and it's crucial to keep an eye on evolving patterns and indicators.
Trade wisely and stay informed!
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