Elliott Wave Analysis Report of Bank Nifty for 12 April 2017

| April 11, 2017 | 0 Comments

Bank Nifty opened at 21521 and declined to register day’s low 21483 but bounced again by more than 200 points to register day’s high 21753 and closed at 21736.

For Tuesday, 21448 was the stoploss for longs for minimum target 21697 which further can extend towards 22043-22442 and longs taken on 10 Apr 2017 at 21511 were suggested to hold with same stoploss of 21448 for same targets. Bank Nifty achieved its minimum target 21697 today without hitting stoploss and bounced till 21753 and closed at 21736. 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 21753 till now.

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 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. And within wave (iii), inner wave 3 may be completed at 21753 and wave 4 may be in progress. Please look at the chart carefully to read the wave count.

If wave 3 of (iii) is really completed at 21753 then normal 23%-38% retracement of wave 3 is at 21681-21636. So, Bank Nifty can bounce again for new high if declined towards 21681-21636 range.
And 38% retracement 21636 must be the fresh 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. And 38% retracement of inner wave 3 of (iii) of wave (5) at 21636 must be the fresh stoploss for longs.

For trading,

1. Bank Nifty longs taken yesterday at 21511 can be hold with fresh stoploss of 21619 (some points below 21636) for further targets 22043-22442.

2. For fresh trade, Bank Nifty if declined in range 21681-21636 can be bought with same stoploss of 21619 for targets 22043-22442.

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Category: Bank Nifty

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