Nifty Bank Elliott Wave Analysis

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Nifty Bank Daily chart


In the above daily chart, prices are moving in a higher highs and higher lows formation, recently in the right hand side of the chart, the index have arrived near cluster of supports drawn by horizontal line, this support has made prices bounce near to the resistance of rising channel.

From Wave perspective, the index has strong support at 21000 where wave x/b is possibly over and has shown signs of resilience which can open either wave c higher or wave a of second correction, in both the scenarios the index is poised to go in positive direction. 

The summation is Nifty Bank can reach till 23300 levels which will be immediate resistance with support at 21000 (closing basis).

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