Get started

Howtotradecorrectivewave

BankNifty - 3000+ Points Fall With A Simple Trendline?BankNifty Analysis Current Scenario: - As discussed earlier, the rising trendline has been limiting the upside movement since the RBI Policy announcement on 6th Dec 2024 - The price is the primary indicator; economic news often lags behind price action. Elliott Wave Analysis highlights this effectively, using channels and trendlines as key tools. - BankNifty is currently in a complex correction phase, experiencing a significant 3000-point fall from recent highs. - Failed to hold 52600 which was important support level Last BankNifty Idea - 6th Dec 2024 Support and Resistance Zones: - Support Zones: 51150 – 50900 - Resistance Zones: Gap zone 51775 – 52000 Short-Term Trading Strategy: 1. Intraday Opportunities: - If the gap zone (51775–52000) is filled, it will act as resistance. Traders should look for potential halts in the rally started from the 50609 lows. - Watch for a pullback to the support zone (51150–50900) for possible buy setups. 2. Buying Opportunities: - If the index holds above 50609 lows, look for opportunities to ride the upside towards the channel highs, where resistance is expected. - Monitor price action near these critical zones to confirm your trade setups. Outlook: Santa Rally - The much-anticipated "Santa Rally" may bring relief to domestic and global markets if the index manages to sustain above its support zones. -------------------------------------------------------------------------------------------- Nifty Analysis Current Scenario: - Nifty has a positive bias as long as it holds above 23500. - A breakout above 24180 will confirm the uptrend, paving the way for a move towards 24800 and potentially the 25000+ zone. Support and Resistance Zones: - Support Zone: 23500 - Resistance Zones: 24180, 24800, and 25000+ Short-Term Trading Strategy: 1. Upside Confirmation: - A decisive move above 24180 could signal a buying opportunity for short-term traders, targeting 24800 and beyond. 2. Caution at Higher Levels: - Traders should exercise caution near 25000+ levels as FIIs return from vacation, which may introduce volatility. --------------------------------------------------------------------------------------------- Final Thoughts: - Both indices are presenting potential short-term trading opportunities if key support and resistance levels are respected. - Always use risk management strategies and avoid chasing moves without confirmation. Wishing everyone a Happy and Prosperous New Year 2025! May your trades be profitable and your goals achieved. 🎉 From WaveTalks Market Whispers - Can Hear Them! Abhishek
NSE:BANKNIFTYLong
by WaveTalks
2
BankNifty at Crossroads: Will 52,600 Hold the Bulls?As per our last update via comment: “Bulls will remain strong if the index holds above 52,600.”... 5th December 2024 The rising trendline halted the index at 53,888. 6th Dec 2024 Post-RBI policy today, the index again paused near the rising trendline. The big question Will the buying zone of 52,500-52,600 come into play again? And if it does, will it hold that zone? “If the index revisits the 52,500-52,600 zone and holds, will you dare to miss the opportunity to ride the bulls again?” Market Whispers! ...Can You Hear Them? Regards, WaveTalks Abhishek
NSE:BANKNIFTY
by WaveTalks
1