Nifty Bank ElliottWave forecast

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In the above daily chart, the index has not crossed its previous high as compared to Nifty, this index is likely to cross the level of 21980 levels which will infuse buying pressure soring prices near to its next resistance. Daily RSI is above the center line which is a positive sign for the index.

As shown in hourly chart, prices has relieved from the overbought zone so that there can be resumption of the intermediate trend. The next resistance which prices can face is 22600 and if it crosses this level comfortably, then can move till 23000. 

As per Wave theory, it can move till 23000 which is 100% of wave a to wave b. This opens wave c higher as wave a and wave b lower is completed and wave c has started.

The summation is, the bias is firmly positive for this index as it can move till 22600 followed by 23000 in near term, with support at 20400 levels.

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/-.

Classroom training and webinars both are available. If you reside in Mumbai, classroom training is conducted in Vile Parle near station and Borivali Station. For inquiry and registration call +919324174580.



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