Bank Nifty Analysis, Outlook and Important Levels for 30 March 2020

| March 28, 2020

Bank Nifty opened gap up at 20801, bounced further to registered day’s high 21462 but declined back again by more than 1800 points to register day’s low 19580 and finally closed 355 points up at 19969.

Friday, 19518-18967 was immediate support and 18967 was immediate downside breakeven point. Bank Nifty was in positive zone and further bounce towards 20409-22417 was possible as long as trading above 18967.

Bank Nifty opened higher at 20801 and minimum upside target 20409-22417 was achieved at opening only. Bank Nifty registered high 21299 and 20457 was fresh downside breakeven point and same was broken. Later 20457-20779 was immediate resistance and Bank Nifty was expected to decline towards 19310-18095 and same was updates by Whatsapp. Bank Nifty entered in resistance after sending updates, registered high 20589 and closed at 19969. Now, let’s have fresh look at latest charts for further scenario.

This analysis report is covering decline started from all time high 32613 which I am analyzing independently in my last analysis report Bank Nifty Analysis, Outlook and Important levels on All Time Frame Charts

Elliott wave counts of Bank Nifty on 05 Hourly chart

Elliott wave counts of Bank Nifty on 05 Hourly chart

This is 05 hourly time bar chart of Bank Nifty covering decline after all time high 32613 which I am analyzing independently.

It seems wave [1] completed from 32613-30209, wave [2] may be completed at 31649 as big Irregular Correction, wave [3] may be completed at 21351, wave [4] may be completed at 25670 and wave [5] may be completed at 16116.

This impulse completed from 32613-16116 can be wave (A) or (C of Irregular Correction). 23%-38%-61% retracement of whole wave from 32613-16791 is placed at 20009-22417-26311. So, 20009-22417-26311 are short term resistance levels. Bank Nifty already achieved 21462.

Now, we need to analyze the bounce started from low 16116 separately on lowest possible time frame to calculate very short term outlook.

Elliott wave counts of Bank Nifty on 05 Minute chart

Elliott wave counts of Bank Nifty on 05 Minute chart

This is 05 minutes time bar chart of Bank Nifty covering bounce started from low 16116 which I am analyzing independently.

It seems wave (i) may be completed at 17633, wave (ii) may be completed at 16635, wave (iii) may be completed at 20409, wave (iv) may be completed at 19096 and wave (v) may be completed at 21462. This impulse completed from 16116-21462 can be wave [A or 1] and wave [B or 2] may be in progress.

23%-38% retracement of wave (v) of [A or 1] is placed at 20903-20558 and the same is already broken. So, 20558-20903 can acts as intraday/immediate resistance range.

38%-61% retracement for wave [B or 2] is placed at 19419-18158 which is the normal range for completion of wave [B or 2].

Overall, 20558-20903 can act as intraday/immediate resistance range and Bank Nifty has a possibility to decline towards 19419-18158 as long as trading below 20903. Further outlook can be calculated after reaching 19419-18158 range.

Conclusion and Outlook:-

For short/medium term, 20009-22417-26311 can act as short term resistance levels and Bank Nifty already entered in resistance range 20009-22417 after registering high 21462. Further outlook and levels can be calculated based on the pattern of bounce started from 16116.

Very Short term/Intraday, 20558-20903 can act as intraday/immediate resistance range and Bank Nifty has a possibility to decline towards 19419-18158 as long as trading below 20903.

This 19419-18158 range can also act as immediate support because if Bank Nifty completes downside corrective pattern in 19419-18158 range can result in one more bounce of 4000-5000 points. So, further outlook can be calculated after checking the pattern in 19419-18158 range.

But Bank Nifty if breaks above 20903 then we need to check fresh pattern again.

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Trading Strategy:

Bank Nifty is still volatile and fear in market is still there. We personally like to trade safe and doing hedged trades only. So, we are suggesting most probable and low risk trading strategies to give idea, traders who want to take risk or can manage trades can use these levels and conditions to plan their own trade.

For Intraday,

1. Fresh selling can be done if get in 20558-20903 range using stoploss some points above 20903 (on 15 minutes closing basis) expecting decline towards 19419-18158.

2. Bank Nifty if completes downside corrective pattern in 19419-18158 range then buying can be done after break of upside breakeven point for 4000-5000 points bounce. This trade can be planed after getting confirmation from pattern because upside breakeven point will be calculated based on the pattern formed in 19419-18158 range.

Further, we will update about the formation of any important internal pattern or any change in trend/pattern/important levels or fresh support/resistance/breakeven point during market hours by WhatsApp Broadcast to all my “Bank Nifty Live Updates” subscribers.

Get Bank Nifty and Bank Nifty Daily Analysis Reports and Live Updates 0n WhatsApp for Free.

Click Here to know more.

Disclaimer: This analysis report is just for outlook, probabilities and expected markets behaviour based on my personal Elliott Wave Analysis. Any trade based on these reports is solely your decision. I will not be responsible for any trade, loss or profit.

 

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Category: Bank Nifty

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