NSE BANKNIFTY – Wave Path Unfolding
BANKNIFTY has broken its first reversal level, which has led to a fall of about 4.6%. The ADX (29.92) shows that the trend is gaining strength, while the ATR (350.18) suggests high volatility (big price swings). At the same time, the index is trading below its 50, 100, and 200-day EMAs, which indicates that the overall market sentiment is weak and the trend is still bearish.
The next key reversal zone lies at the Wave 4 low of 53,478. Traders can anticipate a strong reversal around this level, which also aligns with a Fair Value Gap (FVG) or gap-filled demand zone. There is no hope for bulls until price breaks out above 54,506. Note that, 54520 – 53,630 is a demand zone. If price fails to hold wave 4 at 53,478, traders can see a bearish atmosphere.
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We had written clearly, “If the price breaks out and sustains above 2830, traders can go long with potential targets at 2945 – 2990 – 3025+. .”
Timeline:
- 02 September 202503:15 PMNSE ENDURANCE reached the first target of 2945.
- 04 September 202509:15 AMPrice hit the second target of 2990.
- 05 September 202502:20 PMNSE ENDURANCE reached the final target of 3025.
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What is your take on nifty? FII is taking exits. Please analyze the future with wave theory.
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holding eclerx 1200 qty @3368, any suggestion for profit booking?
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