Elliott Wave Analysis Report of Bank Nifty for 11 April 2017

| April 11, 2017 | 0 Comments

Bank Nifty opened at 21492 yesterday and declined to register day’s low 21396 but bounced again by more than 150 points to register day’s high 21552 and closed at 21520.

Yesterday, 21496 was breakeven point for upside and longs were suggested even if bank nifty touches 21511 with stoploss of 55 points for minimum target 21697. Bank nifty bounced till 21552 and closed at 21520. Now we need to analyze latest chart for next move.

This report is covering Bank Nifty move after 9 Feb 2017 low 20003 and earlier wave counts are explained in my previous analysis report Elliott Wave Analysis of Bank Nifty on all time Frames Dated 03 April 2017

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.

May be wave inner wave (3) of (v) is already completed at all time high 21696 and wave (4) may be already completed at 21396 or still in progress. Inner waves of wave (3) [from 20091-21696) are bit complex and inner wave V of (3) is highly extended more than 123% but counts are following all the rules.

If wave (4) is completed at 21396 then minimum 38%-61% projection for wave (5) is at 22043-22442 so, 22043-22442 is the minimum target range if we are right at counting the waves.

Now, we need to analyze the progress of wave (5) started from 21396 on separate 5 Min chart.

Elliott wave counts of bank nifty on 5 min chartElliott wave counts of bank nifty on 5 min chart

Elliott wave counts of bank nifty on 5 min chart

This is 5 Min chart of Bank Nifty showing bounce from 10 Apr 2107 low 21396 which is the start of wave (5) on previous chart.

May be inner wave (i) and (ii) are already completed and wave (iii) in progress. In wave (iii), the inner wave 1 is completed at 21518 and wave 2 at 21448. So, 21448 should be stoploss. Please look at the chart carefully to read the counts.

Conclusion and Outlook:

Wave Counts on all the charts are indicating that wave (4) may be completed at 21396 and minimum targets for wave (5) are 22043-22442. And end of wave 2 of wave (iii) of wave (5) 21448 must be the stoploss for the longs.

For trading, stoploss for the longs taken yesterday at 21511 must be 21448 and trade can be hold with same stoploss of 21448 for minimum target of 21697 which further can extend towards 22043-22442.

Tags: , ,

Category: Bank Nifty

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *