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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
BankNifty - 900 Points Bounce - Leading Diagonal Scenario ?As we discussed on 1st Dec 2024, an upside move towards the recent high was anticipated. If the recent high holds...then what? I'm glad to see we got a strong 900+ points bounce in Bank Nifty Index since Monday, 2nd Dec 2024. This aligns exactly with our weekend discussion. Elliott Wave Analysis (Advanced School of Thought) This could be a classic market scenario to include in my upcoming book. If the index halts below 52760, we might be witnessing a Leading Diagonal Scenario: From the highs of 52760's Referencing the bible book of Elliott Wave by Frost & Prechter (Page 41, Figure 1-21): Snapshot captured at 11;49 am / 3rd Dec 2024 Leading Diagonals occur at the start of a decline. They can retrace up to 99.99% but cannot exceed 100%, which would be 52760 in this case. Current Scenario: A Leading Diagonal appears to be forming from the highs of 52760. It has retraced until today's high of 52748. Can This Be a Double Top and Leading Diagonal Scenario at 52760? Line in the Sand (Stop Loss): The index cannot cross above 52760. If it does, the pattern is invalidated, and we’ll need to reassess. Market Whispers! ...Can You Hear Them? Regards, WaveTalks Abhishek
NSE:BANKNIFTYShort
by WaveTalks
5
BankNifty, Nifty, Gold & Bitcoin - Maha Bounce!In last week's video, we anticipated significant moves across BankNifty, Nifty, Gold, and Bitcoin, all aligning with NDA+ victory in the Maharashtra Assembly elections. Here’s a quick recap and what to watch next: BankNifty: What's Next? - The index could face resistance in the 51650-51950 zone as a Bearish Shark pattern unfolds along with falling channel resistance. - If a gap-up move brings BankNifty into this resistance zone and it holds below 52000, it could present an opportunity to sell. - Key Alert: If the index breaks above 52000, the Bearish Shark pattern becomes invalid, as it would breach the falling channel. - In case of a gap-up opening at 51650-51950, be cautious of a sharp drop towards the 50950-51000- first target zone downside - Further downside could extend to 50350-50550 if 50900 support breaks. Gold: A $100+ Upside Move Gold delivered a remarkable bounce, gaining over $100 + as discussed last week. Bitcoin: Nearing $100,000 Bitcoin is on the verge of a monumental milestone, heading close to the $100,000 mark—a notable achievement since last week's prediction. Stay sharp as we enter this critical week. Watch for the levels discussed, and remember to trade with caution. Let’s see how these setups play out! Market whispers! Can You Hear Them? Have a great week ahead! Best regards, WaveTalks
NSE:BANKNIFTYShort
by WaveTalks
8
Bitcoin - Irregular Triangle heading for 100,000 USD Target ?As discussed in yesterday's video, we're expecting a thrust in Bitcoin towards the 100K USD mark. Will this milestone become a reality soon? 🚀💰 Irregular Triangle An Irregular Triangle has beautifully unfolded, setting the stage for an upside thrust as per Elliott Wave Theory. This pattern, characterized by its distinct higher highs and lower lows within corrective waves, signals the breakout wave. From a wave perspective: - The ABCDE structure of the triangle suggests a classic consolidation phase is complete. - The upward thrust aligns with the typical post-triangle behavior, often extends strongly in the direction of the trend. Regards, WaveTalks Abhishek Disclaimer ----------------------------- All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. -------------------------------------------------------------------------------
CRYPTO:BTCUSDLong
by WaveTalks
HDFC Bank / BankNifty - The Giant Cracks & Index Melts 4000 +Disclaimer: This is for informational purposes only and is not a solicitation or offer to buy or sell any securities or products. -------------------------------------------------------------------------------------------- Recap from 25th Sep 2024 Giant Crack Alert: BankNifty’s drop from 54,467 on 26th Sep 2024 to 50,194 by 7th Oct 2024 got its hint from the HDFC idea published on 25th Sep. When a giant like HDFC cracks, imagine the shockwaves across the entire index! HDFC - Will it take U-Turn from 1800 — Indeed It was giant crack from 1788 --------------------------------------------------------------------------------------------- Short Term Strong Support Zone 50900-51000 - Avoid taking any buy or long positions below 51000 . Safe Traders to Buy if Index crosses above 51356 & holds above. Risky Traders can look for buying opportunities until Index holds above 51000 or drops close to 51000 Minor Resistance 51925 - 52050 is the minor resistance zone so any bounce upside holding 51000 can halt in this zone & crossing above 52100 - It can push towards strong resistance zone 52900-53100 Strong Resistance 52900-53100 Wishing You A Happy & Prosperous Diwali 2024 From WaveTalks Abhishek
NSE:BANKNIFTY
by WaveTalks
2
Maruti - Up, Up & Away in the 5th Wave Above12555 Disclaimer: This is not a solicitation to buy or sell; please consult your financial advisor before making any trading decisions As discussed earlier on 1st Sep Idea, Maruti’s performance above 12555 was critical. Now, the stock is pushing Up & Up & Away with new highs beyond 13680 in sight. Will it break the upper trendline and complete the highly anticipated Wave 5 in the Elliott Wave Structure ? Last Idea - 1st Sep 2024 : Maruti Suzuki - Will it fly Above 12555 Regards, WaveTalks
NSE:MARUTILong
by WaveTalks
4
HDFC - Will it take U-Turn ? - Close from 1800 Disclaimer: Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell. WaveTalks - Market Whispers! Can you hear them?........... Will the Giant Take a U-Turn after achieving all the targets 1555 was the first in the series .... Possible Reasons for Next Expected Move Possible Double Top at 1794 ( Will be valid until holds below 1800) Pattern Thrust from 1630's - Key level Elliott Wave - Corrective Sequence could be completed from the support zone 1375 - 1390 to 1800 approx highs .or about to end .mentioned in the connecting 1st idea published on 27th Jan 2024 - The Bullish Gartley Bullish Gartley Idea ( 1375 - 1800..) - 1st Idea of the Series in Jan 2024 Enjoying Target 1 - 1555 in April 2024 Nifty at 26000 - We are almost close to 27600's Target ...Can we achieve the dream run or we correct & later push towards From WaveTalks Good Night
NSE:HDFCBANKShort
by WaveTalks
7
Bank Nifty - Explosive 800+ Points MoveDisclaimer: The content provided here is for informational and educational purposes only and should not be considered as financial advice or a solicitation to buy or sell any securities. Always do your own research or consult with a professional advisor before making any trading or investment decisions. WaveTalks is not responsible for any losses that may occur as a result of reliance on this information. WaveTalks - Market Whispers! Can you hear them? The insights are fascinating, and when combined with old-school analysis, it becomes a lethal combination – as you witnessed today in the markets. Bank Nifty: Bhelpuri Analysis at its Best! What you saw unfold today was a result of a bhelpuri analysis. To simplify, this powerful move started with a Bullish Engulfing Candlestick Pattern right at the bottom of the historical level (50939-50950), as highlighted in the last update combined with Wave Analysis Last Idea - Enjoyed 1350+ Points Today, Bank Nifty surged by 850+ points, nearly achieving our third target, falling short by just 150 points. But no worries, the magic in today’s waves was undeniable. Key Psychological Level : Bank Nifty is now approaching the 52000 mark. If it breaks past this level, we could witness an even more explosive move. Caution Near 52000 : However, if it struggles at 52000, caution will be necessary as we approach this critical threshold. Nifty: Major Surge Across Indices While Bank Nifty stole the show with its remarkable 850+ point leap, Nifty also saw a significant rally, jumping 490 points in a single day! This synchronized movement in the indices is a testament to the power of blending Wave Analysis with traditional methods.
NSE:BANKNIFTY
by WaveTalks
2
BankNifty ( Elliott Wave) - Will 51700+ Be The Short Term TopDisclaimer: This is not a solicitation to buy or sell any financial instruments. Please consult your financial advisor. Explore the latest Bank Nifty analysis with WaveTalks. Will 51700+ be the short-term top? Discover insights and potential market moves as we decode the whispers of the market. Stay informed with WaveTalks - Market Whispers! Let's Jump In ... As discussed in the last idea published on 29th August, it was suggested that holding the 50938 / 50939 critical level, Index can make new highs beyond 51404 which is very much possible. The market tested traders' patience on Friday, 30th August, and continued to do so on Monday, 2nd September, and even on 3rd September, with many feeling the urge to give up. However, bulls were fortunate as a last-minute explosive move took BankNifty from 51400 to 51750—a 350-point jump towards the end of the session. Now, with U.S. markets trading in deep red, with major indices like S&P, Dow, and Nasdaq all down more than 1%, the big question arises: Has the BankNifty pattern we’ve been discussing since last week finally completed? Are we about to fall below 50939, potentially slipping down to the 50300 support level? Only time will reveal the answers to these questions.
NSE:BANKNIFTYShort
by WaveTalks
3
Maruti Suzuki - Will it fly Above 12555 Disclaimer: This is not a solicitation to buy or sell. Consult your Financial Advisor before trading. ----------------------------------------------------------------------------------------------- As discussed earlier on 19th Aug ...Above 12555 ...Will Maruti Make An Attempt to Fly & Will it reach the upper trendline & make new highs beyond 13680 Will it Complete One of the Most Important ElliottWave Structure & Its pending Wave 5 on Upside What Level You Should Avoid Trading ? So Many Questions But Only time Know's the Exact Answer Catch Me in Next Episode of WaveTalks- Market Whispers! Can You Hear Them? ....
NSE:MARUTILong
by WaveTalks
5
BankNifty -Tower Bottom Unveiled: Bulls Magical SpellWaveTalks - Market Whispers! Can You Hear Them?... August 13th: The Bulls' Last Stand As we approached August 13th, 2024, the market was rife with tension. With stops being hit left and right, I made it clear at 12:55 pm in the last post that the bulls weren’t giving up without a fight. It was a crucial moment—one where patience and strategy were key. The market flirted with disaster, yet I advised holding the line, suggesting that the critical level… would be our stronghold. August 14th: The Calm Before the Storm The following day was a test of nerves. The market kept everyone guessing, moving in unpredictable waves. But I didn’t waver. I updated my social media followers, pointing out that while the expected gap-up didn’t materialize, it was a blessing in disguise. Why? Because it set the stage for an even bigger opportunity. I highlighted that crossing 49,960 could trigger an upside move for safe traders , while risk-takers should stay alert as some kind of accumulation happening close to 49654. August 16th: The Magical Spell Unfolds Post-Independence Day, on August 16th, the market delivered a performance that was nothing short of magical. It was as if the entire week had been leading up to this moment. The day began with a gap-up ( Instead of green big candle it was gap up equivalent to bullish green tower required for Tower bottom patter with accumulation in between), and after briefly retracing to the 49,870s, Bank Nifty launched into a powerful rally, surging past 50,500. This move confirmed the formation of a Tower Bottom pattern—a bullish candlestick formation that signaled the beginning of a new uptrend- is it a new up trend or some relief to bulls, only time knows -what next? The Tower Bottom: A Bullish Reversal This Tower Bottom pattern wasn’t just any signal; it was the market’s way of announcing that the accumulation phase at 49,654 had reached its tipping point. With this pattern confirmed, the path to 50,800+ became clearer than ever. The market, as I’ve always said, is a battlefield where only the swift and the strategic survive. Those who heeded the call to cut losses quickly if the key levels broke were well-prepared for this bullish reversal. The Road Ahead: 50,800+ in Sight With the Tower Bottom pattern in play, Bank Nifty is now set on a course towards our first target of 50,800+. This move is a testament to the power of technical analysis, patience, and unwavering discipline. The market has shown its hand, and for those who were ready, the rewards are already being reaped. This was not just a trade—it was a lesson in precision, timing, and understanding the subtle cues of the market. The week may have been truncated, but the gains were anything but small. Keep your eyes on the prize as we approach our next milestone, for the journey is far from over. Regards WaveTalks
NSE:BANKNIFTYLong
by WaveTalks
5
BankNifty - Bullish Shark Sitting on Rising Parallel Channel11:38 am / 13th Aug 2024 Last - 50325 The Bank Nifty chart showcases a Bullish Shark Harmonic Pattern forming within a rising parallel channel . The pattern suggests a potential bullish move, provided that the price holds above the crucial level of 50149 , which should act as a strict stop loss for any long positions. If the bulls can defend this key level, there is a strong possibility that the index could aim for the upper target zone around 50800+ levels . The alignment of the Shark pattern with the rising channel supports this bullish outlook. Traders should monitor the price action closely, as maintaining the channel's support is critical for uptrend to start next & reach the target area close to 51000 -which is very important psychological level & Strong supply zone. What is Supply Zone ? -Try & Ask these questions to yourself - get the answer, get the move & enjoy your week. Regards, WaveTalks
NSE:BANKNIFTYLong
by WaveTalks
6
Gold Elliott - 5 Waves to top 2488 - Tower Top Candlestick Recent Performance Update As per the last idea published, we saw a significant bounce of $184 following the post-triangle analysis. Last Idea on Gold Clear 5-Wave Structure from 2304 Bottoms Yellow metal has unfolded a clear 5-wave structure from the bottoms of 2304 to 2488 & reversal candle is unfolding from the tops of 2488. Reversal Candle in Play The Bearish Tower Top is a reversal candlestick pattern typically observed at the top of the trend which can be seen unfolding in the current scenario at the tops of 2488. Bearish Tower Top Candlestick Pattern A strong bearish candle has taken out the lows of the last few candlesticks while going up, which can be a strong signature unfolding in favor of the bears. Bearish Signature Unfolding at 2488 Tops Slipping below 2465, Gold has key and minor support at 2406 lows. Once the lows of 2406 and 2400 support zone are breached, Gold can slip down to important levels at 2355 and 2305 lows. From WaveTalks Abhishek
COMEX:GC1!Short
by WaveTalks
9
Bitcoin - Classic Flat-Screaming for 72000 Target Upside Elliott Wave Flat Sequence with Wave C Ending Diagonal In Elliott Wave Theory, a flat sequence typically consists of three waves: A, B, and C. The pattern is generally labeled 3-3-5, indicating the wave structures. Wave A: A corrective three-wave move. Wave B: Another three-wave corrective move, often retracing Wave A by 90% or more. Wave C: A five-wave move, which can unfold as an ending diagonal. An ending diagonal in Wave C indicates a slowing momentum, often signaling a reversal. The ending diagonal structure usually forms a wedge pattern, tapering towards the end. This setup is crucial for identifying potential turning points in the market. Buying Trigger Above 66457 Target 71993 From WaveTalks Abhishek
CRYPTO:BTCUSDLong
by WaveTalks
2
Auropharma - Can You Catch Wave Top ,Recognise This Pattern ? Elliott Wave is a such an amazing scientific method, if you apply them & be humble & open to what market tells you, you are going to be rewarded like catching all the waves. Disclaimer: Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell. WaveTalks - Market Whispers: Can you hear them? From WaveTalks Abhishek
NSE:AUROPHARMA
by WaveTalks
6
Nifty : Explosive Part 2 - Towards 23000+ Disclaimer: Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell. WaveTalks - Market Whispers: Can you hear them? ----------------------------------------------------------------------------------------------- May 11, 2024 Overview As an Elliott Wave analyst, I stress the need for having both a main plan (Plan A) and a backup plan (Plan B) when analyzing markets. If Plan A doesn't work, we quickly switch to Plan B. If both plans agree on the market direction, we expect strong results. Recent Market Review In a recent comment over last idea ( Comex Copper = Explosive Nifty : Part 1) with a colleague, Ashok, he mentioned that although the market was strong, a drop was expected soon. To which I confirmed YES on 5th May 2024 & Indeed market unfolded exactly as per our plans - In last week, Nifty Index fell by 400-500 points. Copper and Nifty Correlation Reminder of Previous Analysis: If you missed our last report on how Comex Copper and the Nifty Index move together, remember that these trends greatly affect our predictions. Do read Comex Copper = Explosive Nifty : Part 1 mentioned below Current Market Outlook Key Levels to Watch: - Key Support Level:21,700 - Critical Support Level:21,125 - If the market stays above these levels, we expect a significant rise, potentially pushing the Nifty above 23,000 by the end of May 2024 & early June 2024. Stop losses: Safe Traders Avoid Trading if NIfty Index dips & holds below 22000 level Future Expectations Anticipated Timeline We are particularly focused on what happens around June 4, 2024. This will be a key moment to see if our predictions hold true. Conclusion The agreement between our main and backup plans, along with the market staying above key levels, points to a potential strong rise soon. Have a great week ahead! From WaveTalks Abhishek
NSE:NIFTYLong
by WaveTalks
14
HDFC- Hi Dere Finally Come to 1555 !!!HDFC Jumps to 1555 as we discussed in the last idea with Gartley Bullish... Bulls are Holding Strong. Guess Who Hit the Bull's-eye? HDFC Zooms to 1555! Just three months back, in the chilly vibes of January 2024, I charted the stars for HDFC. Like a trusty steed holding the fort, HDFC nestled snugly in the support zone of 1375-1390, only to spring up like a Jack-in-the-box to a dazzling 1555, right on cue with my bullish Gartley pattern forecast. So, here's a cheeky nod: "Hi Dere Finally Come to 1555 !" Sometimes, the market winks back at you, right? Last Idea - Expected Bullish Gartley in PRZ ( Potential Reversal Zone ) From WaveTalks Abhishek
NSE:HDFCBANKLong
by WaveTalks
9
Bank Nifty Outlook: The Classic Wedge Pattern Close to 44050Bank Nifty Trading Outlook: The Classic Wedge Pattern Close to 44050 Pattern Unfolding: Classic Wedge Formation (As discussed recently ) 📐 Support Zone: 43540-43550 🛡️ Immediate Resistance Zone: 44000-44050 🚫 Bullish Signal: Index move above 43700 📈 Target Zones: - Short-term bullish view above 43700: 43850-43950 (with a possible 50 points extension) 🎯 - If selling below 44050: First target 43550, followed by 43275 ⬇️ - Break below 43275: Next levels 42900-42950, then 42600 🎯 - Under 42500: Potential test of the 42105 low from Oct 26th 📉 Previous Successful Call: Selling at the peak of 46310 on Sep 15th with a similar wedge pattern 🔄 At WaveTalks -We decode the market's whispers into actionable insights. Happy Trading, WaveTalks
NSE:BANKNIFTY
by WaveTalks
3
BankNifty-Selling The Tops with Wedge: The Precise Peak 44650Hello All, Our tiny heroes reached a majestic peak at 44669 as per last idea published yesterday, just as we imagined in our dreams! This peak was not just a high point, it was a place where they could see the entire playground sprawling below. But as we all know, after reaching the top, there's a thrilling slide waiting! Our numbers decided to swoosh down, and guess where they are heading? Yes, you got it right, towards the fun zone of 44300, our lower band of support we chatted about yesterday! (Precise top at 44669 - What a sight to behold!) The Rising Wedge close to 44650’s the Rising Wedge! WaveTalks spotted - this intriguing pattern early on through last idea. It’s like a see-saw that's tilting ever so slightly, warning our number friends to be ready for a possible change in the direction of their play. And guess what? Our assumption came true! The numbers took a fabulous turn, bringing a rush of exhilaration to our adventure! (A fabulous start with a cautious note from the rising wedge) Intraday Targets 44400 44300 44150 Best Wishes from WaveTalks Remember, at WaveTalks, we're always listening to the whispers of the waves, sharing the secrets of the numbers' adventurous journeys. We ask, "Can you hear it?" The Last Idea based on 109 Session Moving Average Disclaimer: Trading in financial markets comes with its risks, and one might encounter dips and turns that could result in loss. Always consult with your financial advisor before making decisions in this adventurous playground. WaveTalks encourages a responsible and informed approach to the financial adventure.
NSE:BANKNIFTYShort
by WaveTalks
31
BankNifty: The Journey Continues Post Mysterious X-Wave (Buy) Having journeyed with us through the enigma that was the Mysterious X-Wave, you'd be keen to know, "What's next on the horizon for BankNifty?" Having witnessed the roller-coaster oscillations between 43940 and 44779, and having dived deep into the "Magic of Centre Line Reversal," here we present the way forward. Reassessing the Ground As you've seen, the significance of the 44000 mark can't be stressed enough. It stands as not only a psychological barrier but also a critical structural support. At the time of penning this update, BankNifty is maintaining its grace above this level at 44065, showcasing its resilience amidst market volatilities. The Immediate Roadmap The zone between 43900 - 44000 is paramount. A strong foothold here can act as the springboard for the index. ( Avoid Trades Below 43900 ) 1. Initial Target: If the index continues its momentum and remains adamantly above 44000, our immediate upside target stands at 44178. A decisive push past this can pave the way for higher peaks. 2. The Big Play: Should BankNifty rise and hold firm between 44180 - 44200, this would be the cue for bullish sentiment. In such a scenario, we are looking at an optimistic run towards 44400 and potentially even further. To Sum It Up The next phase of this thrilling journey hinges on these crucial levels. As always, it's imperative to have a tactical approach. Ensure your strategy is tight, stops are in place, and you're ready to pivot based on the index's behavior. Remember These levels and strategies are a mere guideline. The dynamic nature of financial markets can sometimes be unpredictable. Always ensure to consult with your financial advisor and make informed decisions. Disclaimer Trading in Financial markets is speculative and involves substantial risks, including the risk of loss. Always trade based on the insights and advice from trusted professionals. Stay Tuned, Ride the Waves, and as always, Listen Closely. Can you hear it? Warm Regards, WaveTalks
NSE:BANKNIFTYLong
by WaveTalks
6
Bank Nifty - Magic of Centre Line Reversal & 43940 (WaveTalks)Magic of Centre Line Reversal & 43940 Greetings fellow traders and wave enthusiasts! Let me take you back to our previous idea. The Last Idea - Selling only Below 44500 We eyed selling below 44500. However, as markets are full of surprises, it opened gap up above 44500, invalidating our idea. But keen observants would've noticed my comment at 2:15 pm on 24th Aug 2023 warning about a possible trap for the bulls. As foreseen, the index took a nosedive, opening gap down and plummeting almost 500+ points. Bank Nifty at 11:08 am / 25th Aug 2023 But here's where it gets intriguing: Enter the "Magic of Centre Line Reversal ." If you've drawn a precise parallel channel and ticked the middle line option, you'd have witnessed the fall from 44950 halting very close to the minor support zone at 43940. The day's low was a near-touchdown at 43983. The current price rests at 44065. With the index teetering close to the 44000 mark, it is pivotal to understand the gravity of this number. This isn't just a figure; it's a significant support zone. A solid hold above this can very well propel BankNifty to levels of 44500+. So, here's the game plan: Strictly plan to buy only if it holds firm above 44000. Remember, battles in trading, like in life, need readiness. Without the right preparation, even the smallest skirmishes can go awry. Mysterious X-Wave Diving deeper into the WaveAnalysis, from a wave's perspective, BankNifty is weaving a complex pattern. We identified and decoded the elusive 'Mysterious X-Wave' and reversed our stance right at the pivotal support close to 43940, aiming for 44500+ . So, are you riding these waves with us? At WaveTalks, we say, "Can you hear it?" Before we wrap up, a gentle reminder: Trading in financial markets can be volatile. There's potential for gains, but losses are also part and parcel of the journey. Please venture only based on the advice of your financial consultant. Disclaimer: Trading in Financial markets is risky, and one could lose part or all of their invested capital. Always trade based on the advice of your financial consultant. Best Wishes, WaveTalks
NSE:BANKNIFTYLong
by WaveTalks
7
BankNifty:Tale of Triumph and Trials,Bulls or Bears-Which Side?Netflix - Scoop The riveting Netflix web series "Scoop" brought to life a powerful saying from the book **"Behind Bars in Byculla: My Days in Prison" by Jigna Vora**. The line, **"If someone says it’s raining, and another person says it’s dry, it’s not your job to quote them both. Your job is to look out of the window and find out which is true" is a fitting metaphor for our exploration of the BankNifty index.** Here, we don't just parrot what others say, we strive to unravel the truth behind the numbers and the patterns. **The story began at WaveTalks**. On the 25th of July, 2023 we published an enticing TradingView idea focusing on the BankNifty Index and outlined an **Expanded Ending Diagonal** . For the adventurous risk takers, we pointed towards potential targets: - First stop at 46155 - A second milestone at 46263 - The final leap to 46369 The narrative took a thrilling twist on the 27th of July, 2023 . The Index raced towards our 3rd target, pausing just short at 46310. Then, it took a breathtaking nosedive, shocking the bulls with a Niagara-like fall from the highs of **46310 to the lows of 45238**. **Now, traders are left wondering, "What's next?" The markets never sleep, so our story continues...** **On the larger timeframe-4 Hour Chart** We're seeing the formation of a tantalizing pattern - a potential rising wedge once again. **But here's the caveat**: **the Index needs to hold its footing at the crucial psychological level of 45525 to bounce back upwards.** **If we stand firm above 45525**, we're looking at an exciting upward trajectory: - First target at 45790 - Second target at 46300 - Third target at 46500 - **And if we cross beyond 46500**, we're aiming for a final target between **46900-47000+**, coinciding with the completion of the wedge pattern. **Here comes the thrilling climax**. **What happens after reaching a new all-time high?** Brace yourselves as we could see a rerun of the Niagara plunge from the 27th of July, 2023. From the new all-time highs of around 47000, the Index could potentially tumble to 43345, as marked by the menacing black arrow downside. **WaveTalks** wishes everyone a joyful weekend! As we delve into the narrative of BankNifty, we ask you - are you siding with the bulls or the bears? Stay tuned for more, and remember, it's not about echoing what others say, it's about understanding what's unfolding in the market.
NSE:BANKNIFTY
by WaveTalks
18