Elliott Wave Analysis Report of Bank Nifty for 17 April 2017

| April 17, 2017 | 0 Comments

Bank Nifty opened red Thursday at 21651 and declined to register day’s low 21635 but bounced again by more than 100 points to register day’s high 21758 and finally closed 20 points up at 21686.

For Wednesday, 21619 was the stoploss for longs taken on 10 Apr 2017 at 21511 for minimum upside targets of 22043-22442. Stoploss of 21619 was triggered and Bank Nifty declined further till 21551 but bounced again later to register new high 21787. 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. Bank nifty achieved 21787 till now.

Now, we need to analyze the progress of wave (5) started from 21396 on separate 15 Min chart.

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 10 Apr 2107 low 21396 which is the start of wave (5) on previous chart.

May be inner wave (i), (ii), (iii) and (iv) are already completed and wave (v) in progress. Please look at the chart carefully to read the wave count.

If wave (iv) of (5) is really completed at 21635 then normal 38%-61% projection for wave (v) is at 21784-21876. So, Bank Nifty can bounce again for a minimum target above 21787-21876 and 21635 (end of wave (iv)) must be the stoploss for longs.

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. Whereas, 38%-61% projection for inner wave (v) of (5) is at 21784-21876. 21635 must be the stoploss for longs which is end of wave (iv).

For trading, Bank Nifty can be bought on decline till 21650 with exact stoploss of 21626(10 points below 21635) for a minimum target above 21787 which further can extend towards 21876-22043-22442.

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Category: Bank Nifty

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