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Can BankNifty Retest 32600 Again?

Free nse stock index banknifty chart calls

Free nse stock index banknifty chart calls

BankNifty Is Unfolding Final Impulsive Wave Z

Bank Nifty has started its Elliott wave cycle from the extreme low of 16116. It has completed the extensive impulsive wave (3) at 41829 and started falling in descending channel.

Currently, Banknifty is forming a triple zigzag on the corrective wave (4). Price has occurred the X-2 wave and started wave Z of the triple zigzag.

According to EWT, corrective waves move in the parallel channel, and the impulsive wave breaks the channel. An uptrend can only be possible after the breakout of wave X.

Let’s zoom into the lower timeframe to study this corrective structure:

Free nse stock index banknifty 4hours chart calls

Price is forming a final leg down Z. If the price breaks the control line, traders can short for the following target levels: 34115 – 33597 – 32613.

But the price has reversed seven times on the control line. If the price sustains above the control line with strong candles, the traders can long the following targets: 35168 – 36689 – 37517.

Although the wave principle has shown a bearish structure, we should always respect the price action.

Day traders should wait for our “morning outlook” for intraday trading on nifty and banknifty futures & options.

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Mr.Guru(s) is a team of stock market certified technical and research analysts with over 20 years of experience. They are regular guests on popular online channels and contribute articles to several financial publications. Their insights and advice are respected by investors worldwide. With their collective knowledge and expertise, they have a proven track record of successfully predicting market movements and identifying profitable opportunities.

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3 Comments

  1. Sir, first of all, thank you for this amazing research.
    I agree with your outlook. BankNifty is popular for stopping the loss hunting of retailers.
    As options traders, we should always check every possibility.
    Tomorrow, we can see a gap up and then declining.

  2. I want to buy your service. I have sent you mail. Please let me know if seats are available or not.

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