BankNifty WaveTalks Update
Patience Rewarded: Explosive Move in BankNifty Surpassing 51,404
As discussed in the last idea posted on August 29, it was suggested that by holding the critical level of 50,938/50,939, the index could make fresh highs beyond 51,404, which is quite possible. The market tested traders’ patience on Friday, August 30, and continued to do so on Monday, September 2 and even on September 3, with many feeling the temptation to give up. However, the bulls were fortunate as a last-minute explosive move took BankNifty from 51,400 to 51,750, a jump of 350 points towards the end of the session.
Is BankNifty Prepared for a Recession Amid US Market Falls?
Now, with the US markets trading deep in the red, with major indices like the S&P, Dow and Nasdaq all down more than 1%, the big question arises: Has the BankNifty pattern that we have been discussing since last week finally completed? Are we on the verge of a drop below 50,939, potentially slipping to the 50,300 support level?
Only time will reveal the answers to these questions.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
