Bank Nifty at life time high, will it sustain?Dec 05, 2023
Bank Nifty at life time high, will it sustain?
Two important ingredients of predicting market are Time and Price action. It is possible to Time the market and trade in direction of trend.
Combining price action and Time both together is utmost important.
Banknifty path derived on 25th November 2023 in weekly webinarBanknifty path derived on 2nd December 2023 in weekly webinar
Bank Nifty has been moving as per the wave analysis. The above charts of Bank Nifty shows the path that we derived much ahead on 25th November and 2nd December in our weekly webinar with 1000s of participants. Bank Nifty moved exactly in the same fashion as can be seen in the below chart.
BankNifty path happened on 5th December 2023
The magic was experienced exactly after anticipation as can be seen in the above chart. Prices made low near our cycle both the times and after which a sharp bounce on the upside was seen.
Bank Nifty Anticipated chart from Daily Equity Report dated on 30th November 2023
The above chart is picked up from our Daily Equity report dated on 30th November 2023 where we derived target for Bank Nifty as per Head and Shoulders pattern which was near 47200 levels. The target was achieved in today’s session which can be seen in the below chart.
Bank Nifty happened as on 5th December 2023
Bank Nifty weekly chart path ahead
Currently last leg of Diametric pattern is ongoing on the above chart. As per guidelines wave g tends to equality of wave a. So medium term outlook remains positive. However, on the shorter time frame most of the indicators are overbought so possibility of profit booking cannot be ruled out. For now, one can use buy on dips approach to ride the trend as long as 45500 holds on the downside.
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