Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 November 2017 Onward

| November 6, 2017 | 0 Comments

Bank Nifty opened lower at 25569 and declined back to register low 25529 and bounced back again by more than 150 points to register high 25695 but didn’t sustain at that level and declined back and finally closed 79 points down at 25571.

Yesterday, Bounce towards 25695 and above was expected and 25546 was pattern negation point. Trading strategy was “Buying on Dips” and I suggested Bank Nifty if get in 25600-25550 range then 25500 Call of 09 Nov 2017 can be bought with exact stoploss of 25545 expecting target 25695 which further can extend towards 25748-25808. Stoploss of 25546 was trigged at very opening and trade was negated but Bank Nifty bounced till 25695. Now, we need to analyze latest chart to find next move.

This report is covering Bank Nifty move after 12 Oct 2017 from low 23611 and earlier wave counts are explained in my last previous analysis report Elliott Wave Outlook and Trading Strategy of Bank Nifty for 16 October 2017 Onward

Elliott wave counts of Bank Nifty on Hourly chart

                      Elliott wave counts of Bank Nifty on Hourly chart

This is Hourly time bar chart of Bank Nifty covering move from low 23611.

May wave completed from 23611-24878 may be wave (1), wave completed from 24878-23912 may be wave (2) and wave (3) may be in progress from 23912. (Inner wave (v) of (1) is highly extended which was the point of confusion but conditions are not favorable for any other pattern now)

And within wave (3), it seems wave [1] may be completed at 24115, wave [2] may be completed at 23969, wave [3] may be completed at 25186, wave [4] may be completed at 24803 and wave [5] may be in progress from 24803. Wave [5] already achieved its normal 61% projection 25595 where as 100% projection is placed at 26077 which may or may not achieve.

Now, we need to analyze bounce started from 24803 on separate lowest possible time frame chart.

Elliott wave counts of Bank Nifty on 15 Minute chart

                    Elliott wave counts of Bank Nifty on 15 Minute chart

This is 15 Minute time bar chart of Bank Nifty Covering move from 24803 which is the start of wave [5] of (3) on previous chart.

It seems wave 1 may be completed at 24936, wave 2 may be completed at 24819 as Irregular Correction, wave 3 may be completed at 25695 and wave 4 may be in progress from 25695.

Normal 23%-38% retracement for wave 4 is placed at 25488-25357 which is the range from where Bank Nifty can bounce further for new high above 25695 and same 25357 is the short term breakeven point on downside below which we can think about any reversal.

Now, we need to analyze wave 4 started from 25691 on separate lowest possible time frame chart.

Elliott wave counts of Bank Nifty on 5 Minute chart

                           Elliott wave counts of Bank Nifty on 5 Minute chart

This is 5 Minute time bar chart of Bank Nifty covering move from 25691 which is the start of wave 4 of [5] on previous chart.

It seems wave completed from 25691-25529 may be wave (a), wave completed from 25533-25695 may be wave (b) as an Irregular Correction and wave (c) may be in progress from 25695.

100%-123% projection for wave (c) is placed at 25533-25494 which is the range from where Bank Nifty can bounce further for new high in coming days.

Conclusion and Outlook :

Bank Nifty registered new all time high 25695 but still there is no sign of reversal and Bank Nifty has possibility to bounce further towards 25695 and above either from present levels or from 25488-25357 range.

25359 is the short term breakeven point on downside below which we can think about any reversal and same can be used as stoploss for any longs.

Trading Strategy :

Short term outlook of Bank Nifty is bullish and trading strategy must be “Buying on Dips” whenever get opportunity and good risk reward. Bank Nifty can bounce from present levels and short term breakeven point is 25357. So, we must keep all these conditions in mind while planning next trade.

Safe Trade, If we get decline near 25357 (in 25400-25357 range) then 25300 Call of next weekly expiry can be bought using stoploss of 25299 (some points below 25357) expecting targets above 25695 which can extend towards 26077.

Otherwise, Bank Nifty can also bounce from present levels but trade and stoploss can be decided by observing the behavior of waves after tomorrow’s opening only.

CLICK HERE to get Elliott Wave Analysis Reports of Bank Nifty Daily by Email with Expected outlook, Targets, Stoploss and Trading Strategies.

Also Read,

  1.  Bank Nifty can Bounce Above 25198 Again in Medium Term
  2.  Long Term And Short Term Elliott Wave Analysis Report of Bank Nifty for 14 August 2017 Onward
  3. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 27 July 2017 Onward
  4. Bank Nifty Can Bounce Sharply Towards 24437-24704 in Short Term
  5. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 14 July 2017 Onward
  6. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 July 2017 Onward
  7. Elliott Wave Analysis Report of Bank Nifty for 28 June 2017
  8. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 23 June 2017 Onward
  9. Bank Nifty can bounce further towards 23464-23587 in Coming Sessions

Contact me:

Emailewavinod@gmail.com

Call: 9796033671

WhatsApp: 9796033671

Website: www.ewanalyst.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Category: Bank Nifty

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