HDFC Bank / BankNifty - The Giant Cracks & Index Melts 4000 +

Disclaimer:

This is for informational purposes only and is not a solicitation or offer to buy or sell any securities or products.

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Recap from 25th Sep 2024

Giant Crack Alert: BankNifty’s drop from 54,467 on 26th Sep 2024 to 50,194 by 7th Oct 2024 got its hint from the HDFC idea published on 25th Sep. When a giant like HDFC cracks, imagine the shockwaves across the entire index!

HDFC - Will it take U-Turn from 1800 — Indeed It was giant crack from 1788

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Short Term
Strong Support Zone
50900-51000 - Avoid taking any buy or long positions below 51000 . Safe Traders to Buy if Index crosses above 51356 & holds above. Risky Traders can look for buying opportunities until Index holds above 51000 or drops close to 51000

Minor Resistance
51925 - 52050 is the minor resistance zone so any bounce upside holding 51000 can halt in this zone & crossing above 52100 - It can push towards strong resistance zone 52900-53100


Strong Resistance
52900-53100


Wishing You A Happy & Prosperous Diwali 2024

From WaveTalks
Abhishek