Timeframe: 4h
The BANKNIFTY 4-hour chart shows that the market recently completed a 5-wave impulse move, topping near 57,628.40. Following this, a corrective pattern appears to be forming, labeled as a W-X-Y structure. Currently, the index is hovering around 56,053, testing a support line that connects recent lows, and a bounce attempt is visible. If this bounce sustains, we could see a short-term rise toward 57,318, which acts as a resistance level.
However, if the price fails to cross above 57,318 and starts falling again, the next downward wave (Y) could drag the index lower, possibly below the previous low of 55,172. This level corresponds to the prior Wave 4, which may now act as a resistance point. Alternatively, if the decline continues further, the price might reverse from 53,478, which represents the sub-wave 4 of Wave (3).
We will provide further updates soon.
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