Bank Nifty Price Prediction for Tomorrow (30 Dec 2024)
Bank Nifty: Impulsive Pattern with Retracement
At now, Bank Nifty is exhibiting a bearish pattern indicative of a strong impulsive downward trend. After this, according to Elliott Wave Theory, the market may see a three-wave upward retracement. After this pullback, another impulsive downward move is likely to complete the larger wave structure.
BANK NIFTY / 5 MIN
Resistance and Support Levels to Watch
If the wave counts hold, the immediate resistance level on the upside is 51,440, indicating a vital zone where the retracement might meet selling pressure. On the downside, major support levels are 50,840 and 50,350, where the market may momentarily settle if the previous low is broken. But the present wave count will be rendered useless, and a possible change in market dynamics will be indicated if the price breaks above the prior high.
Disclaimer
This post is just for informative purposes and does not constitute financial advice. Trading and investing involve risk, and past performance does not guarantee future results. Before making an investing or trading choice, readers should undertake their own research and evaluate their own circumstances. The author and platform accept no responsibility for any financial losses or damages stemming from the use of this material. Receive personalized advice from a qualified financial advisor.
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