Bank Nifty - Anticipated Happened

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 Bank Nifty 4 hour chart


Analysis

Prices are moving precisely in rising channel which is a positive sign. However, the current up move which is the impulse wave where wave 5 has come towards 38.2% from 0-3added to 4 giving an indication of a possible top. Also in the weekly chart, the index formed a gravestone doji which forms at the top giving an indication of indecision by the bulls. I think that some correction from current levels cannot be ruled out.

Also the index currently holds the level of the gap which was formed during moving up. It is imperative that the index fills the gap which is placed at 44800 levels, that can open further sell off. 

In my previous update I had mentioned that Bank Nifty can move higher towards 45200 once the level of 44790 is taken out and it happened what was expected. 

To read my previous article click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2023/07/bank-nifty.html

The summation Bank Nifty can move down once 44800 is taken out which can drag prices towards 44550 levels. However any move above 45090 will make the index move higher towards 45300-400 levels

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