Bank Nifty Elliott Wave Analysis

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 Nifty Bank Daily chart


Nifty Bank 120 mins chart



Analysis

As shown in the above daily chart, Nifty Bank unlike Nifty has shown strength and has reached close to its previous high. With moving averages giving positive signs and MACD still exhibiting buy signal, there is enough room for the indices to move higher going ahead.

From 2 hour chart, Bank Nifty continues to move in a positive direction and has the tendency to move near to its previous high of 41800. Price ROC has arrived near to its previous support though below the center line but this level is been tested several times.

As per Wave theory, I am expecting flat pattern (a-b-c) where wave b is ongoing within which wave c is soaring the price. At present it has completed wave iv of wave c of wave b and wave v of wave c of wave b is pending on the upside.

The summation is Nifty Bank is likely to move near till 41800-42000 levels as mentioned in my previous update with support at 40670.


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