Bank Nifty to move into the 50K zone in new impulse up!
Updated
Bank nifty has recently gone through a steep cut, shedding 4000 points in a matter of one month.
Looking at the the bigger picture however, tells us it could be a great time to enter into your favorite banking names(or even the index itself!)
The 4000 point decline was a wave ii retracement of the impulse that the index witnessed between Oct-Dec 2023. The corrective wave can be labelled as a zig-zag(ABC) and has retraced 61.8% of the impulsive rise.
Now what should unfold will be the wave iii of III. This particular leg can be projected moving towards the 50K mark soon.
On the downside 44540 can be considered as an important support for the index.
Looking at the the bigger picture however, tells us it could be a great time to enter into your favorite banking names(or even the index itself!)
The 4000 point decline was a wave ii retracement of the impulse that the index witnessed between Oct-Dec 2023. The corrective wave can be labelled as a zig-zag(ABC) and has retraced 61.8% of the impulsive rise.
Now what should unfold will be the wave iii of III. This particular leg can be projected moving towards the 50K mark soon.
On the downside 44540 can be considered as an important support for the index.
Note
SL trailed to 45000Note
Index trend changed from down to up technically today by surpassing the 46,892 swing high.
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