Bank Nifty: Anticipated Happened and a reversal on cards?

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 Nifty Bank 60 mins chart anticipated on 2nd April 2022


Nifty Bank 60 mins chart happened on 3rd April 2022


In my previous update I had mentioned that, "Nifty Bank will continue to move higher close to 37500-37650 levels over very short term."

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

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

The index crossed my level and also moved above the trend line resistance but failed to sustain above it, thus re-entering the falling channel. This opens negative possibilities for the the index. At present it is holding the trend line support, break of this level will infuse selling pressure and can drag prices way to lower.

From waves perspective, prices have completed wave x  and will start double correction in this index (a-b-c-x-a-b-c). After completion of wave x, the index has started wave a which can move close to wave c of first correction. I am not in a rush to give bigger targets as of now so for me I am expecting 35000 for this index.

The summation is Nifty Bank will dip till 35000 over short term as far as the level of 38300 is intact on the upside.

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