Bank Nifty Price Prediction for 07 Oct 2024

Here we may be entering an extended corrective period if we believe the long bearish move in Bank Nifty has finished. According to Elliott Wave Theory, this is likely a complicated correction that forms Wave 4. After this correction, another price decline may occur. Traders, be prepared for some choppy or sideways action before the next leg of the downward trend appears.
BANK NIFTY / 5 MIN


Bank Nifty’s price has the potential to reach 51,950 if our wave count is right and a correction occurs at this time. After the first 23% retracement, the next Fibonacci retracement level that would act as resistance is around the 38% mark, which is equivalent to a price level of 52,300. These resistance levels will guide the potential top limits of this corrective move, so it’s critical to monitor them in tomorrow’s (7 Oct’24) market activity.


Disclaimer

This post is just for informative purposes and does not constitute financial advice. Trading and investing involve risk, and past performance does not guarantee future results. Before making an investing or trading choice, readers should undertake their own research and evaluate their own circumstances. The author and platform accept no responsibility for any financial losses or damages stemming from the use of this material. Receive personalized advice from a qualified financial advisor.

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