BankNifty (Alternate) - Do not Sell Until 50939 Breached

29 ส.ค.WaveTalks - Market Whispers! Can You Hear Them?

Disclaimer:
This is not a solicitation to buy or sell. Please consult your financial advisor

Follow-Up on the Previous Idea

Our last suggestion to sell BankNifty below 51404 was spot on, as we witnessed a 200-250 point drop during the session. However, I expressed concern that the decline didn’t seem convincing, suggesting that new highs could still be possible as long as 50939, our critical level, remains intact.

Recent Developments

On 29th August 2024, the index opened near 51000, reaching a precise low of 51028, which we marked as Wave C. Holding 50939 was critical, as suggested at 11:12 am in the last Bank Nifty Idea. Following this, we saw one push towards recent highs, reaching 51369, which we marked as Wave D. Currently, we are observing a sharp fall in Wave E, which is still unfolding.


Last Idea - BankNifty - Is This an Ending Diagonal

What to Expect Next

Holding 50939:
If BankNifty manages to hold above 50939, expect the bulls to regain control, potentially driving the index beyond 51404, with new highs on the horizon.

Breaking 50939:
Should the index fail to sustain above 50939, traders should brace for further downside. This break could signal the end of the current bullish wave structure and open the door for a deeper correction.

Key Levels to Watch

Immediate Support Test:
Monitor the behavior around 50939 closely in the upcoming sessions.

Potential Upside:
If 50939 holds, look for upside momentum as we approach the first week of September 2024.

This is a pivotal moment for BankNifty. Stay alert and be ready to adjust your positions based on the critical 50939 level.

Regards
WaveTalks