Nifty Bank Elliott Wave Analysis

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 Nifty Bank daily chart

Nifty Bank hourly chart


In the above daily chart, the index is consolidating at the top which indicates that it digesting the recent gains, once it is done prices will resume the major trend. I have applied Keltner channels on the index which shows that, prices are above the upper band which is a positive sign. Daily MACD is positively poised as it is above the center line and also there is a fresh buy signal for the index.

In the hourly chart, higher highs and higher lows are intact, prices are hovering near its previous all time high placed at 32640. It is very much likely that it will cross its previous high and will make a new all time high. As far as prices are persisting above the rising trend line, the bias will continue to be positive for the index. RSI has relieved from the overbought terrain and is all set to move back up.

From Waves perspective, prices are moving in wave v of wave c in which it is moving in wave (iii). This wave v can atleast go till 38.2% from wave b to wave iii added to wave iv, which comes to 32950- 32980 levels.

The summation is Bank Nifty is positively poised and can move up from current levels till 32950-32980 with support at 31400 (closing basis).

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