Bank Nifty Price Prediction for 29 Oct 2024

When examining the recent down move in the Bank Nifty, a definite ABC corrective pattern appears, followed by a rapid surge higher. The present bullish trend is likely to continue after a short pullback, predicting additional upward waves.


BANK NIFTY / 5 MIN

If the Bank Nifty downturn is over, the next major resistance levels to monitor are the 100% and 161% Fibonacci extensions, which are at 52,280 and 53,000, respectively. But if the downturn isn't over yet, 51,000 and 50,850 are support zones. This wave count would become irrelevant if the market were to turn and go lower, indicating a shift in the market's view.


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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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