FinNifty Elliott Wave Analysis

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 FinNifty daily chart


FinNifty 2 hour chart

Analysis

As seen in the above daily chart, prices are consolidating near to the resistance of red horizontal line where its previous high is placed. The index also has started exhibiting negative divergence in RSI in longer and shorter time frame.

The benchmark  has the upside capped or limited and has the potential to reverse the trend any time. Also the index is forming rising wedge pattern, just like in Nifty Bank. However, in both the cases it is in the initial stages of the formation. Once this pattern is completed, the index can slump to a greater degree.

From 2 hour chart, prices are currently above both the short term moving averages but as it is moving in a rising wedge pattern and the upside is capped there are chances for some profit booking to take place which can drag price towards 19330-19290 price range. 

According to Wave analysis, prices are moving in an ending diagonal pattern in wave v, within wave v it has recently completed or on the verge to complete wave iii which will then open wave iv of wave v dragging in the above mentioned range. After the wave v of wave v will start which can take prices higher above 19560.

The summation is Fin Nifty can falter towards 19330-19290 price range over short term and over medium term it can test back 19600-19650 levels over medium term.

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