Hindenburg Report on Adani
Did it really tank the market ?
On 24 Jan, 2023 (4 days ago), a day or 2 BEFORE the Hindenburg report on Adani came out, our update on Bank Nifty said this :
Bank Nifty Update. As on Tues 24 Feb 2023. CMP 42,750. Posted at 11:45 am.
Bottom line : Bank Nifty has turned down, now bearish against 43,078 (earlier bearish against 43,577). A tertiary top is now likely in place at today’s high of 43,078 (primary top at 44,151, and secondary top at 43,577).
Critical resistance can now be lowered from 43,577 to 43,078.
If Bank Nifty has begun a 3rd wave down, the decline should be sharp over the next week to below 41,000, and eventually complete the decline nearabouts the …
The Elliott Wave count showed very clearly a double correction to the upside was coming to an end. In fact, a day earlier, on 23 Jan our update said this :
“Near term still bearish against 43,577…..A small new high above 43,002 (today’s high) is still possible before Bank Nifty rolls over, and commences a decline towards …”
(The day after 23rd Jan, Bank Nifty proceeded exactly to one more smaller high at 43,078).
See the 1 hour chart below. For larger term counts, and regular updates on Nifty and Bank Nifty, do subscribe.