Bank Nifty Elliott Wave Analysis

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Bank Nifty Daily chart




Bank Nifty hourly chart




In the above daily chart, prices are moving in a sideways direction and inching close to move above its previous high which will form a higher highs and higher lows. For this it is imperative for the index to move above 21350 levels. Currently the index is trading at 20740 levels. Daily RSI is still below the center line which makes the index less lucrative.

From hourly analysis, the index persists in a rising channel formation and the resistance for the index comes to 23100 levels. Before this hurdle there is another threshold which is at 22300 levels. However, RSI in hourly chart is also near to the overbought terrain.

As per wave theory, prices are moving in wave c of wave a as of now, which means it can move till 100% of wave a of wave a which comes to 22300 levels. This can extend further as well till 161.8% of wave a of wave a.

The summation is, Bank Nifty can move till 22300 levels in near term with support at 19600 levels. A sustainable move above 22300 will soar it further till 23100 levels.

Education

Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every once in a week for around 4 hours. This theory can be applied on all free floating markets. In this course learn from basic to advance and the fees for the same will be Rs. 12,000/-
Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.
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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
SIP Flows
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25 August 2020 at 13:37
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