Nifty Bank Elliott Wave Analysis

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 Nifty Bank daily chart


Nifty Bank 2 hour chart


Analysis

As shown in the above daily chart, the benchmark has closed well above the upper Keltner channel which is a positive sign and can move higher from current levels. Along with that the short term moving averages are positively poised as they have given a bullish crossover. As far as prices cross its previous day high the bias for the index remains positive.

From 2 hour chart, prices continues to move precisely in a rising channel formation, giving an indication that the trend is positive. There are high chances for prices to open with a gap up, for Nifty as well. It is advisable to trade keeping the stop below the low of the gap.

I have applied momentum indicator which signifies that it is well supporting the prices in the positive direction.

As per Wave theory, since it has overlapped which I thought it would not has forced me to change my wave counts. A flat pattern like Nifty will be well suited in which wave c is ongoing and can reach 41800-42000 levels over short term.

The summation is Nifty Bank can test its previous high in near term placed at 41800-42000 as far as 40660 is intact on the downside (closing basis).


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