Bank nifty 13-11-2024

 

Stiff resistance 51500(C) and 50200 good support

Consolidation  7/10/24 to 12/11/2024

with levels 52500 to 51262 and 50900

The only positive on Banknifty is holding 

current swings 38.2% on the weekly chart

Nifty 13-11-2024

 Already issued the Chart with I H&S pattern with TGTs on 17/10/2024

from 24756 with neckline 24700 for 24340-23590 23051

So 23170-23051 is a good support to bounce 

On 04-11-2024 low 23816 closed at 23995

Mentioned Earlier 25400 for 24400 and below 24400  below Weak for 23865-23800 - 23560

breach  all the levels 4 consecutive lows below 24337 also  (38.2%)

of the swing 26227-21281

So, it is a rare case to bounce from 50% at 23754-23560

So,  Minimum 61.8% at 23170 of the current swing and 

Maximum 78.6% at 22339 of the current swing

Nifty Chart

after huge rally from 7897 to 9897 [1000 points] oscillators shows negative divergence
and in Over Bought zone.  So key 9824 for bulls should hold on closing basis. then 10259-10666
system clear support 9700

Nifty Chart

Position : Short

First Triangle breakout target 6037.  Break even point for 180
points target is at 6220.  Closed below the major support 6150.

Option 1 rise from here up to 6250+ then down
Option 2 rise from here up to 6200+ then down
Option 3 directly towards target from here
I prefer Option 2, This is hourly chart, daily chart is still in OBZ
with negative trend.

Both 23.6% of 5700-6342 is at 6190 and positive
Break out Support [now Resistance] 6184-6193 are co-inside
so very strong resistance 6190.

TREND-ve/Momentum-ve

Tipss Bse Nse - 09/04/2009 - Chart 1

intraday profit booking will arround the wave or trend resistance

Tipss Bse Nse - 17/03/2009 - chart 1