BANKNIFTY(SPOT) has experienced a strong upward movement from 38613 over a period of 12 weeks, indicating an impulsive cycle. The price has completed a motive wave (3) and is now in the process of developing a corrective wave (4).
The current price movement is part of a corrective structure, as it has broken below the acceleration channel and is trading outside of it. Upon closer examination of wave (4), it appears to be forming a double formation pattern. Bank Nifty has completed wave X at 44489, which is a sub-wave of wave (4), and has started forming wave C of wave (y). The overall wave perspective suggests a bearish angle.
There are two potential levels where wave C could complete its formation:
Traders can consider selling after the breakdown of wave a at the given price levels. They have the option to extend their target to sub-wave 3, which is expected to be around 42822. However, it is important for traders to confirm the development of wave (5) using percentage or Gann filters after the completion of wave (4).
Get free important share market ideas on stocks & nifty tips chart setups, analysis for the upcoming session, and more by joining the below link: Stock Tips
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.
Thank you for accepting my request on analysing Banknifty, It’s brilliant!
Your analysis is very top-notch! Your ability to pay close attention to detail, exercise critical thinking, and glean insightful information is extremely impressive. Your analysis exemplifies both your great analytical skills and a thorough comprehension of wave theory.
Comment Policy: We love comments and appreciate the time that readers spend to share ideas and give feedback. However, all comments are manually moderated and those deemed to be spam or solely promotional will be deleted. Your email address will not be published. Required fields are marked *
This analysis is fully working in market and you are giving proper analysis.
I’m interested in buying premium service.
Hello, I am interested in your paid service as well as Elliott wave book.
Agree boss 💯
I agree with your analysis. It’s fantastic……
(Email response time: 15 min avg.)
Subscribers: Please send us a message in our mobile app and get a quick response.
SEE WHAT WE’RE UP TO
I have been following your site since almost its launch in 2009, your unbiased advice and analysis is remarkable in its accuracy and timing. I continuously follow moneymunch.com and really …
Let me say this first “Outstanding and Profitable Nifty Trading Calls”. Premarket Nifty supports and resistances often turn out key levels intraday, this levels help immensely. Due to Moneymunch Nifty …
I am highly satisfied with the calls given by the moneymunch. the service is excellent. when compare to other service providers I feel moneymunch is one of the best according …
Mr.Guru and Mr.Dev, I have enjoyed my 4 months membership so much. It’s cost me Rs.32,500 to belong and has cut 12 months off my target date for retirement, no …
If you are looking for truly independent advice then look no further than moneymunch. Mr.Dev is a master of MCX market and looking at price action, I have found him …
© 2009 – 2023 Moneymunch.com
Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneymunch.com is prohibited. Information is provided “as is” and solely for informational purposes, not for trading purposes or advice, and may be delayed. To see all exchange delays, please visit Google, Yahoo & Bloomberg financial websites. For information about filing a complaint: please visit the how to file a complaint or moneymunch complaints page, and go here for moneymunch reviews or visit here to submit your moneymunch review. Moreover, here you will find how we resolved moneymunch complaints. Powered by INI Sollution. (Best viewed in Chrome and 1366 X 768 resolution.)