CNX Nifty & Bank Nifty Harmonic Perspective

Nifty intra [ 15 min ]charts had two successive bullish shark patterns( usually believed as higher reliability bullish pattern) , which led a sharp straight rally which even exceeded the high point of shark pattern.

That high point i.e. 8058-50 level have now become the support area for the near term.

Lets look at Nifty Hourly chart:

• As of now, Nifty hourly chart  has Bearish Bat pattern { bearish candle appeared near prz area)
• Any break below 8050, could trigger weakness in the index.
• Any close above X point would negate the Bearish Bat pattern.

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Lets looks at Bank Nifty Hourly Chart

• Banknifty Hourly chart has Bearish Gartley Pattern[ Marked by xabcd] and these pattern usually develop  within the constraints of the channel.
• Indecisive candles can be seen near prz area.
• Any close above x point would negate the Bearish Gartley Pattern.

There is also a probability of Three bullish Driver Pattern on the  Bank nifty chart, of which Point 1 and Point 2 [ Marked in Red Font ]are already established.