Elliott Wave Analysis Report of Bank Nifty for 26 April 2017

| April 25, 2017 | 6 Comments

Bank Nifty bounced above 22000 and achieved our minimum target range 22033-22432 as I expected in my last analysis report of 19 April 2017. Our trading strategy was to buy Bank Nifty on decline towards 21482-21396 with stoploss some points below 21396. Bank nifty bounced after registering the low 21386 and registered all time high 22093 after achieving our minimum target 22033. The trade is giving more than 500 points profit and bank nifty closed at 22054 today. Let analyze fresh 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.

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.

Here I am not able to identify the inner waves of wave (5) but 23%-38% retracement of the progress wave (5) is at 21926-21822. So, Reversal point or Stoploss for the longs must be 21822 at this point of time.

Conclusion and Outlook:

Wave Counts on the chart are indicating that wave (4) may be completed at 21386 and wave (5) may be completed at 22093 or still in progress.

For Trading point of view, Part profit must be booked in longs (buying) taken in 21482-21396 range as minimum target 22033 and fresh stoploss for rest position must be 21809 (some points below 21822). There is no sign of reversal at this point of time.

 

 

 

 

 

 

 

 

 

 

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Category: Bank Nifty

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