BankNifty: Magic of Historical Levels- Can we hold 49183?(Disclaimer: This analysis is for informational purposes only. Consult your financial advisor before making any trading decisions.)
As anticipated earlier in the day at 12:03 pm
BankNifty faced selling pressure right at the resistance zone of 49,600-49,665, leading to a sharp fall.
Sharp Fall After 45 mins of Patience at 12:45 pm
Was the sharp fall outcome of any pattern you recognise in ElliottWave - If so what is it?
Did you notice it halted in 49600-49665 zones & to be precise it was 49600---Wow!!!
Historical levels once again proved their significance, as we initially expected support near 49,350-49,375, but when momentum takes over, markets can surprise.
The big question ?
Will BankNifty hold at 49,183 & 48,900 (precisely 48,906), or are we set for a deeper plunge? The impulsive Y-Wave began at 47,845 in the WXYXZ proposed correction and if corrections tend to fully retrace, a test of those levels remains a possibility.
And what about Nifty? Could we see a slide towards 23,800? 🤔 Only time will tell.
Key Takeaways:
✅ Resistance worked like magic at 49,600-49,665.
✅ Support zones were tested but didn’t hold up in the sharp fall.
✅ Will 49,183 & 48,900 act as a base, or do we head lower to 47,845?
✅ Corrections often retrace fully—watch for further price action.
Historical levels remain key—markets have their own mind!
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