Elliott Wave Analysis Report of Bank Nifty for 03 May 2017

| May 3, 2017 | 1 Comment

Today Bank Nifty again opened higher at 22412 register day’s high 22492 and sharply declined to register day’s low 22266 and finally closed 16 points down at 22341.

Bounce towards 22438-22641 was expected and 21919 was the reversal point and stoploss for the longs and I also mentioned that there is no sign of reversal in Bank Nifty. Bank Nifty achieved our minimum target 22438 without hitting stoploss and closed today at 22341. Now, we need to analyze latest chart to find next move.

This report is covering Bank Nifty move after 9 Feb 2017 low 20003 and earlier wave and is further update on my last analysis report Bank Nifty can Bounce Sharply above 21946 in Short Term

Elliott wave counts of Bank Nifty on 5 hourly chart

                        Elliott wave counts of Bank Nifty on 5 hourly chart

This is 5 hourly chart of Bank Nifty showing bounce from 20003 which is start of wave (V) on previous chart.

Same, wave (3) of (V) may be completed at 21697, wave (4) may be completed at 21386 as Irregular Correction and wave (5) may be running. Minimum 38%-61% projection for wave (5) is at 22033-22432. Thus wave (5) achieved minimum target 22033 and next possible target is 22432.

Wave (5) achieved its minimum projection and now we need to analyze the progress of wave (5) started from 21386 on separate 15 Min chart to check the pattern.

Elliott wave counts of Bank Nifty on 15 Min chart

                            Elliott wave counts of Bank Nifty on 15 Min chart

This is 15 Min chart of Bank Nifty showing bounce from 21 Apr 2107 low 21386 which is the start of wave (5) on previous chart.

Inner waves of wave (5) are not clear but steep bounce till 22250 may be the end of wave 3 and wave 4 may be completed from 22250-22108 as an Irregular Correction and wave 5 may be in progress. Minimum 38%-61% projection for the wave 5 is placed at 22438-22641 where 22438 is already achieved and 22641 may or may not be achieved.

Wave (5) already achieved its minimum 38% projection but the pattern does not seem completed and the inner waves of 5 are not completely clear. But there is a formation of pattern like wave (i) and (ii) at the end as marked on the chart where end of wave (ii) is 22296. So, 22296 can be taken as stoploss for existing longs.

Conclusion and Outlook:

Bank Nifty  registered new all time high 22492 and also achieved my minimum target 22432 today given in my last report but still there is no sign of reversal and Bank Nifty still have possibility to bounce further. 22296 must be the fresh stoploss for existing longs and same is the point below which we can think about reversal.

For trading point of view, the positional longs taken in 21482-21396 can still be hold with fresh stoploss of 22296 and next possible target is 22641. Fresh longs can be taken again if get price near stoploss for same target 22641.














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  1. Mr Sunder Monga says:

    I am interested in bank nifty analysis. Please update
    Sunder Monga

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