Nifty Bank Elliott Wave Analysis

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 Nifty Bank daily chart

Nifty Bank hourly chart

In the above daily chart, Nifty bank is moving up by crossing its previous highs and protecting its previous lows and it is moving precisely in rising channel formation. On last day of the week, the index managed to cross its channel resistance thereby indicating further upside, this is a common mistake all traders and investors do as it is also termed as overthrow. Daily RSI is in deep overbought terrain.

In the hourly chart, there is a small rising channel drawn which indicates that prices are in a firm buy mode. However, on Friday the index closed near to the resistance of the channel. Whenever, prices arrived near to the resistance of the channel it has witnessed selling pressure (marked by downward arrows).

From Waves perspective, the index is on the brink to complete wave v of wave c and thereby it is very much possible for prices to reverse. Price confirmation for reversal is mandatory which will also start fresh leg on the downside.

The summation is Nifty Bank will find it difficult to cross 27200 (closing basis), any move below 26450 will open downward scenarios dragging it near till 25200 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 Borivli Station. For inquiry and registration call +919324174580.


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