Nifty Bank Elliott Wave Analysis

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 Nifty Bank daily chart


Nifty Bank 2 hour chart

Analysis

In my previous update I had mentioned that Nifty Bank is expected to move higher from current levels with possibility of a gap down move on Monday. On the upside it can move up till 39900-40100 levels. Any move above 41000 will push prices way higher till 41700-41900 levels.

Prices in the daily chart have crossed its previous swing high thereby opening positive possibilities. Also the index has crossed its 20 EMA (red) which was acting as a crucial resistance. At present  the index is facing the resistance of 50 SMA which has also been very crucial. MACD is positively poised and can move higher from current levels.

From 2 hour chart, the index has crossed its previous high with a gap up thereby opening positive possibilities. The index can now move close to the resistance of the channel which is placed at 41200-41400 price range.

The summation is Nifty Bank is positively poised and can move higher towards 41200-41400 levels over short term.

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