Nifty Bank Ending Diagonal in making?

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 Nifty Bank daily chart


Nifty Bank 2 hour chart



Nifty Bank PCR 

Analysis

As seen in the above chart, prices are moving in a higher highs and higher lows and there is no sign of reversal. However, there is a possibility of a distribution pattern which is happening in this index which is the rising wedge pattern, where RSI is also exhibiting negative divergence.

From 2 hour chart, a rising wedge is still in making and there is a possibility of a new high to happen where prices will surpass its previous high of 44,151 levels and make a new high. This will then open negative possibilities as RSI will then be making triple divergence.

The PCR is above 1, currently at 1.13 indicating that the biasness is negative for the index as seen in the above intraday chart of PCR.

According to Wave theory, prices are moving in wave B where it has completed wave a and wave b and currently moving in wave c which is a flat pattern as wave B has gone up till 100% of wave A. In wave wave v of  wave c of wave B prices are moving in ending diagonal where minor leg on the upside is pending. Post Wave v of wave c of Wave B is completed prices can move down towards 43,000 levels followed by 42,500 levels

The summation is Nifty Bank can move higher to test 44,200-44,250 price range but will be short lived as it will reverse and move down towards 43,000 followed by 42,500 over short term. The medium term outlook continues to be negative as it can move down towards 39,000-38,000 levels.


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