We managed to capture an important reversal in Bank Nifty based on price action strategies and Neo wave patterns. Look for yourself how this was done.
The following report was sent to our daily Equity report subscribers on morning of 17th May 2021 premarket.
Bank Nifty 60 mins chart as of 14th May 2021:
Similar to Nifty, Bank Nifty continued to move lower in last few days however now it is approaching towards the swing lows from where bounce back was witnessed. It will be important to see if it manages to find support again near this juncture.
On the hourly chart, prices have corrected but in an overlapping fashion which suggests lack of momentum on downside. RSI has also entered into territory from where reversal on upside was witnessed. Hence this is crucial zone for Bank Nifty as it is near to the 61.8% retracement of the prior rise.
In short, Bank Nifty seems to be at inflexion point. Move back above 32700 will suggest that important low has been formed and then trend towards 33300 can be possible. On the other side any break below 31900 can extend the trend lower towards 31400 levels.
Bank Nifty 60 mins chart as of 17th May 2021:
Wave Happened as of 17th May 2021:
Bank Nifty made a high of 33173 after breaking above 32700 levels. This rally can continue to move towards our mentioned target of 33300.
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