Nifty Bank: Elliott Wave Analysis

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 Nifty Bank hourly chart


As shown in the above hourly chat, prices have given a bullish break in a falling channel which is a positive sign and can move higher from current levels. Currently it is facing the resistance near the rising channel, which I think will be taken out in couple of trading sessions.

From Waves perspective, prices have completed a corrective wave (a-b-c) and has opened another corrective wave which is likely to move higher from current levels. In the ongoing wave, it has completed wave a and wave b and in wave c it is done with wave i and probably wave ii this opens wave iii higher followed by iv and v .

The summation is Nifty Bank is expected to test 40000-40400 levels over short to medium term with support placed at 36000.

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