Nifty-50 is showing the characteristics of a leading diagonal. I have mentioned all the rules regarding the leading diagonal and plotted them at the relevant level.
Please go through the chart and try to understand which has been made very easy for you.
Nifty may bounce back from the current level or from 15300 or from 14800.
The level projected are purely based...
Nifty is doing wxy correction.
Has done W & X.
Now we are in A leg of Y.
The correction will be 5 3 5
5 for A 3 for B and 5 C.
1st of A will end near 16800.
The ultimate target may come to 15600 to 15800.
Positional shorts or wait for investment strategy may be applied.
Pls do your analysis or take the advice of your advisor before jumping for a trade.
Bank Nifty is at a make or Break level right now if it has to resume it's up move towards recent high then it should not break the line, and then it can show you a good level of prices and if it break down the label highlighted by white line then it may go to the label marked by arrow .
BANKNIFTY Hourly Chart
it seems it is in correction after the hourly wave 5th.
38% correction already done by banknifty.
It may resume uptrend if reverse from 34479 other wise may go for further correction upto 61.8% which is very low at 32770 appx.
BANKNIFTY seems to be in 2nd wave....
And it might open GAP UP.
The retracement of wave 1 is appx 93% The invalidation for the analysis is 35430 (that can act as SL for longs)
Always understand the risk in the underlying security.
In my view it is correcting in a Flat after 5th wave we may see 14200-14300 level if the pattern comes true...!
Would not suggest a sell but will say wait for longs...!
In higher degree higher targets are available but let it consolidate between 14200-14700 range.
We can wait for a flat to complete for longs...!