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Is the Bank Nifty Headed Towards 38,000?

Apr 28, 2022

The Bank Nifty index has been underperforming the benchmark Nifty 50 for over a year now. The trend is likely to reverse in the short-term.

The chart below shows 2 bullish harmonic patterns - Bullish White Swan (black) and Bullish Bat (pink). These harmonic patterns are reversal patterns calculated using various Fibonacci retracements and projections.

Bank Nifty Daily Chart

 

The bullish White Swan and Bat completed at around 35,500. A sustainable move around 36,000 is confirming the structure.

Additionally, the patterns have completed at long-term 200 DEMA. The positive crossover on momentum indicator, Stochastic is confirming the reversal.

Bank Nifty bulls are getting ready to take index towards 38,000-38,800 levels in the May series. The harmonic pattern will negate only at a close below 35,950.

I released a video recently on banking stocks. I explained why they are the best stocks to trade right now. I talked about the Private Bank Index as well as PSU Bank Index in the video.

In case you haven't watched it, I recommend you do.

At present, the Bank Nifty index is trading up by 0.8% at 36,300 levels. From the Bank Nifty index, SBI, AU Small Finance Bank, and ICICI Bank are the top gainers.

I'll share more on his trend on my Telegram group. If you're interested in being part of my charting journey as I share how to create wealth from profitable trade setups, join my telegram channel - Fast Profits Daily.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Brijesh Bhatia

Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.

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