Bank Nifty Targets Using Neo Wave and Price Action!
Oct 16, 2024
Neo wave along with price action helps to form powerful setups with a good accuracy. In the previous report dated on 14th October 2024 we anticipated possible rally in Bank Nifty. Bank Nifty moved precisely as expected!
We published Bank Nifty in "Agni Financial Strategy" on 14th October 2024 which our subscribers receive pre-market every day. Check out below the detailed research report that we published.
Bank Nifty Daily Chart Anticipated as on 14th October 2024
Bank Nifty Hourly Chart Anticipated as on 14th October 2024
Waves Analysis anticipated as on 14th October,2024.
In the Friday's session, Bank Nifty opened with a minor gap down and extended loss as the day progressed and showed a fall of more than 500 points. However, in the second half, Bank nifty lost its momentum and started moving in a sideways manner. At the end Bank Nifty closed at with a loss of -0.70% at 51172 levels. Amongst the stocks, ICICI Bank, AU Bank and Bank of Baroda were the top draggers for the day!
On the daily chart, Bank Nifty Gann level of 51416 is acting as a magnet. As prices are hovering around it since past 3-4 sessions. Previously also, 51416 level have acted as a crucial resistance area which can be seen on the above daily chart. For now, a breach below 50900 is needed for selling to resume.
On the hourly chart, it looks like prices have lost its momentum. ADX is also trading at 13 suggesting lack of trending move. As a result, we are seeing consolidation or sideways action on the hourly chart. As per wave perspective, wave g got completed and the internal structure of the recent fall is still unclear. To understand it, further price action is required.
In nutshell, Bank Nifty is at crucial juncture. Further price action is needed to understand further course of action.
Trading strategy (Spot): Short positions can be created below 50980 with 51180 as stoploss and target of 50780 followed by 50600. Long positions can be created above 51300 with the stoploss of 51100 and the targets of 51500 followed by 51650.
Bank Nifty Hourly Happened Chart as on 16th October 2024
Happened –In our report we mentioned about possible short covering and Bank Nifty moved precisely as expected and prices showed sharp pullback on the upside Bank Nifty moved as we anticipated. We successfully captured a movement of 800 points on the upside and achieved both the given targets on the same day.
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