Bank Nifty: Wave C to start

-

 Bank Nifty daily chart


Bank Nifty 2 hour chart


Analysis

In my previous update I had mentioned that, " Nifty Bank is positively poised over short term and can reach towards 41700-41800 levels."

Prices made a high of 41659 which was close to my mentioned level. I you want to read the previous article on Bank Nifty, click on the below link

https://www.marketanalysiswithmeghmody.com/2023/03/bank-nifty-alternate-counts-as-per.html

As seen in the above daily chart, prices are moving in a lower highs and lower lows and it has faced multiple resistances of the falling channel along with the 50 SMA (blue) and has started moving down. The moving average continues to be negatively poised and prices are below both the moving averages which is not health for the index.

In the weekly chart, prices have formed a dark cloud cover near the resistance of the channel (candlestick pattern).

I have said  in my earlier update that first prices will go towards 41700-41800 levels and then it will come down. I have also said that I will see the characteristic of the fall and will update accordingly. In this case I was certain that index will fall and I am opening that possibility now.

In 2 hour chart, the index is moving in a range of 41700-39600 levels, as far as prices persist in this range a sideways action can be seen. However, prices have reversed from the upper end of the range and there is a high possibility for the index to reach the lower end of the range placed at 39600 levels.

From Waves perspective, prices have completed wave B and has opened wave C on the lower side which can go till 39600-39500 price range. 

The summation is Nifty Bank is negatively poised and can tumble towards 39600-39500 levels over short term. My medium term targets are still intact which I have mentioned in my earlier updates.


Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
Read more

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more