Elliott Wave Outlook and Trading Strategy of Bank Nifty for 02 November 2017 Onward

| November 2, 2017 | 0 Comments

Bank Nifty opened higher at 25197 and further bounced by more than 300 points to register new all time high 25549 and finally closed 471 points up at 25490.

Yesterday, I had mentioned Bank Nifty still has possibility to bounce above 25186 and 24712 was breakeven point for downside. Trading strategy was “Buying on Dips” and I suggested Bank Nifty if decline towards 24730-24721 then 24600 Call of 02 Nov 2017 can be bought with stoploss of 24659 expecting target 25186 and above.

And I also mentioned that Bank Nifty can also bounce without breaking below 24948 but a safe and low risk trade cannot be decided at this moment of time.

Bank Nifty opened gap up at 25197 and bounced till 25549 without breaking low 24948 to register new all time high. Now, we need to analyze latest chart to find next move.

This report is covering Bank Nifty move after 12 Oct 2017 from low 23611 and earlier wave counts are explained in my last previous analysis report Elliott Wave Outlook and Trading Strategy of Bank Nifty for 16 October 2017 Onward

Elliott wave counts of Bank Nifty on Hourly chart

Elliott wave counts of Bank Nifty on Hourly chart

This is Hourly time bar chart of Bank Nifty covering move from low 23611. There is slight change in wave counts after seeing personality of today’s bounce

May wave completed from 23611-24878 may be wave (1), wave completed from 24878-23912 may be wave (2) and wave (3) may be in progress from 23912. (Inner wave (v) of (1) is highly extended which was the point of confusion but conditions are not favorable for any other pattern now)

And within wave (3), it seems wave [1] may be completed at 24115, wave [2] may be completed at 23969, wave [3] may be completed at 25186, wave [4] may be completed at 24803 and wave [5] may be in progress from 24803.

Wave [5] already achieved 38% projection placed at 25292 where as 61% projection is placed at 25595 which may or may not achieve.

Now, we need to analyze bounce started from 24803 on separate lowest possible time frame chart.

Elliott wave counts of Bank Nifty on 15 Minute chart

Elliott wave counts of Bank Nifty on 15 Minute chart

This is 15 Minute time bar chart of Bank Nifty Covering move from 24803 which is the start of wave [5] on previous chart.

It seems wave (1) may be completed at 23936, wave (2) may be completed at 24819 as an irregular correction and wave (3) may be in progress from 23819.

And within wave (3), it seems wave (i) may be completed at 25048, wave (ii) may be completed at 24949 and wave (iii) may be completed at 25549 or still in progress.

38% retracement for the progress of wave (3) is placed at 25270 which can be referred as breakeven point and stoploss for any longs. Bank Nifty if decline towards 25270 is a safe buying opportunity.

Conclusion and Outlook :

Bank Nifty bounced by more than 450 Points to register its new all time high 25549 but there is no indication of reversal yet. Even outlook is positive and Bank Nifty has possibility to bounce even higher above25549.

And 25270 is the breakeven point below which we can think of any reversal and same can be refererd as stoploss for longs. Bank Nifty if decline towards 25270 is a safe buying opportunity.

Trading Strategy :

Short term outlook of Bank Nifty is bullish and trading strategy must be “Buying on Dips” whenever get opportunity and good risk reward. 25270 is the immediate breakeven point on downside.

Bank Nifty if decline towards 25300-25270 then 25200 Call of 09 Nov 2017 can be bought with exact stoploss of 25229(some points below 25270) expecting target 25549 and above.

CLICK HERE to get Elliott Wave Analysis Reports of Bank Nifty Daily by Email with Expected outlook, Targets, Stoploss and Trading Strategies.

Also Read,

  1.  Bank Nifty can Bounce Above 25198 Again in Medium Term
  2.  Long Term And Short Term Elliott Wave Analysis Report of Bank Nifty for 14 August 2017 Onward
  3. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 27 July 2017 Onward
  4. Bank Nifty Can Bounce Sharply Towards 24437-24704 in Short Term
  5. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 14 July 2017 Onward
  6. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 July 2017 Onward
  7. Elliott Wave Analysis Report of Bank Nifty for 28 June 2017
  8. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 23 June 2017 Onward
  9. Bank Nifty can bounce further towards 23464-23587 in Coming Sessions

 

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Category: Bank Nifty

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