Bank Nifty Update

Bank Nifty Update. As on Mon 1 Aug 2022. CMP 37,600. Posted at 10:30 am.

Bottom line : Trend remains strong.  Near term, a correction is due to below 36,700 which would be a bullish opportunity.  But strength looking formidable.  Playing for the short side is not advised.

Primary count : Price may have completed / be completing a 3rd of 3rd wave.  There is major support at the 36,300 ~ 36,500 level, if a correction gets that far.

Intermediate term Bank Nifty is thrusting up from a bullish triangle to new all time highs above 41,827, and potentially 44K ~ 45K.


Alternate count : In case of a bigger decline to the 35,500 level, this count would come into focus, but at this stage it is more a possibility than a probability.  This count shows price is still in wave D of a larger bullish triangle.