Nifty Bank Anticipated Happened

 Nifty Bank 60 mins chart anticipated on 3rd April 2022


Nifty Bank 60 mins chart happened on 6th May 2022


In my previous update I had mentioned that, " Nifty Bank will dip till 35000 over short term as far as the level of 38300 is intact on the upside."

The index plunged below 35000 yesterday thus achieving my above mentioned level - Anticipated happened.

To view my previous article on Bank Nifty, click on the link below

https://www.marketanalysiswithmeghmody.com/2022/04/bank-nifty-anticipated-happened-and_9.html

Now since Nifty and Bank Nifty both are negatively poised, Nifty bank is suppose to dip further towards the support of the falling channel. However, RSI is in oversold terrain.

As per Wave analysis, prices are moving in second correction after wave x. the current ongoing wave a has opened wave c on the downside which can test 32000 or even go lower over short term.

The summation is Nifty Bank is firmly negative and can sink towards 32000 over short period of time.


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