Let us undertake the BankNifty Technical Update when Current market price or CMP 42260
After the "Rising-Wedge" broke below 43600, a substantial wave of selling has ensued. With various Fibonacci retracements as potential targets or pivot points, the 1st TGT@42500, derived from a 50% retracement of the rally b/w Mar23 lows & Jul23 highs, has been reached.
If selling pressure persists, the next target is the 61.8% retracement @41590
In the event of a further surge in volatility, it's imperative to consider the broader context.
The retracement b/w the Jun22 lows at 32290 and highs @46370, carries significant weight.
The 1st support, situated at the 38.2% retracement, hovers @41000, making it an enticing prospect for long-term investors
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Furthermore, the anticipated price range for the Rising-Wedge pattern falls between 41000-40800, designating the area near 41000 as a substantial reversal point
On the upper side, the upper boundary of the breakdown zone, at 44000, functions as an immediate supply area
