Bank Nifty Elliott Wave Analysis

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 Bank Nifty daily chart



Bank Nifty 120 mins chart

Analysis

As shown in the above daily chart, Nifty Bank continues to consolidate near the resistance zone (red line) which is an indication that there is an overhead supply placed. However, this resistance zone can be tested back again and the index can reach near to this level as mentioned earlier. There is enough room for RSI to move higher as it is well below the overbought terrain. Moving averages are favoring the index more than Nifty earlier.

From 2 hour chart, Bank Nifty continues to move in a sideways direction not moving below the support level of 40670 which was mentioned in my earlier report. Currently it is moving in a triangle pattern and once this pattern is over prices are then expected to move in the positive direction. The recent sideways action has curbed the volatility which made Bollinger Bands to contract, giving an indication that there can be a breakout soon. RSI has taken the support of the center line.

As per Wave theory, as of now prices are moving in wave c of the a-b-c pattern, in which it is moving in a running triangle pattern, once the pattern is completed prices will start wave v which is pending on the upside.

The summation is I will likely stay with the same view for Nifty Bank as it can reach till 41800-42000 levels with support at 40670.


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