Bank Nifty can bounce further towards 23464-23587 in Coming Sessions

| May 30, 2017 | 19 Comments

Bank Nifty again opened lower at 23142 and declined to register low 23094 but bounced back by more than 200 points to register high 23337 and finally closed 124 points up at 23307.

Yesterday, higher levels in Bank Nifty were expected and suggested to buy Bank Nifty 22900 01 June call if Bank Nifty decline towards 23092-23040 range with stoploss 22999. Bank Nifty decline till 23094 and bounced back by more than 200 points and Bank Nifty 22900 01 June call bounced from 210-391 and finally closed at 370 giving about 160 Points Profit. Now, we need to analyze fresh charts to calculate next move.

This report is covering Bank Nifty move after 24 May 2017 low 22469 and earlier wave counts are explained in my previous analysis report Bank Nifty Elliott Wave Analysis and Outlook for 29 May 2017 Onwards

Elliott wave analysis counts of Bank Nifty on 15 Min Chart

Elliott wave analysis counts of Bank Nifty on 15 Min Chart

This is 15 minutes time bar chart of Bank Nifty showing bounce from 22469 which is the start of very last upside wave.

It seems wave (1), (2), (3) and (4) is completed and (5) is in progress. Normal 38%-61% Projection for wave (5) is placed at 23398-23587 and earlier high 22464. So, Bank Nifty needs to touch 23464-23587 to complete wave (5).

And if we look at progress of wave (5) then there is formation of inner wave (i) and (ii) where end of wave (ii) is 23180. So, 23180 must be the stoploss for longs.

Conclusion and Outlook

There is no change in outlook, Bank Nifty has possibility to bounce minimum till 23464-23587 and 23174 (some points below 23180) must be the stoploss for longs. Wait for identification of fresh pattern if Bank Nifty breaks below 23185.

Trading Strategy:

Bank Nifty 22900 1 June call if bought today (suggested around 23092-23040 with stoploss 22999) can be hold with fresh stoploss of 23174 expecting minimum targets 23464-23587 spot levels. Try to book profit in 22900 call when Bank Nifty reaches 23464-23587.

Exit 22900 call and wait if Bank Nifty breaks below 23180.

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