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Tron029
May 23, 2023 5:03 PM

BankNifty Top Down Analysis 

Nifty Bank IndexNSE

Description

Dear TV Family Members, It’s been a while I have published any idea’s, been occupied for a while hope you all don’t mind.
Bank Nifty looks range bound between 44095 to 43757. Reason being on 5 min chart observed bullish shark harmonic pattern completed & in play, Bullish Gartley XAB completed.

Points as per TA observed on a 15 Min chart:

1. Bullish Shark Harmonic pattern completed as per chart below, Min target would be 43995.65 & Max target would be 44067.65.


2. Bullish Gartley XAB Completed as per below chart, If Price gets rejected anywhere between 43995.65 to 44067.65 then the pattern is still valid. If price crosses above X-A leg (44095.25) then pattern gets invalid.


Targets & SL provided in chart and screens for different time frames.

Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice (Non SEBI registered). So, please do your own DD (Due Diligence) before any kind of investment”.

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Comment

Shark Harmonic got invalid. Gartley pattern had to be readjusted with the gap down opening. C-D Leg of Gartley completed. Gartley Target = 0.618 FIB of A-D = 43921.25 can be expected. Let's see how this plays out.

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