Elliott Wave Outlook and Trading Strategy of Bank Nifty for 16 November 2017 Onward

| November 15, 2017 | 0 Comments

Bank Nifty opened lower at 25241 and bounced to register high 25318 but didn’t sustain at that level and declined back again by more than 150 points to register low 25166 and finally closed 65 points down at 25218.

Yesterday, decline towards 25119 was expected and 25396 was breakeven point for upside. And I suggested Bank Nifty if decline towards 25119-25008 range then 25400 Call of 30 Nov Expiry can be bought using stoploss 24877 expecting targets above 25400.

Bank Nifty bounced till 25318 but declined back without breaking breakeven point and finally closed at 25218. Our trade was not activated but Bank Nifty declined without breaking above 25396. Now we need to analyze fresh charts for further 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. This is same chart which I posted in yesterday’s report because there is no change in wave counts on this chart.

It seems wave completed from 23611-24878 may be wave (1), wave completed from 24878-23912 may be wave (2), wave completed from 23912-25695 may be wave (3) and wave (4) may be in progress from 25695.

23%-38% retracement for the wave (4) is placed at 25274-25013 which is the range on downside from where Bank Nifty can bounce further towards 25695 and above for new all time high and same 25013 can be referred as medium term breakeven point below which we can think about any bigger medium term reversal.

And within wave (4), it seems wave completed from 25695-25119 may be wave (A), wave completed from 25119-25611 may be wave (B) and wave (C) may be in progress from 25611.

Normal 100%-123% projection for wave (C) is placed at 25035-24899 which is the possible target range on downside for completion of wave (C) of wave (4) if wave (B) is already completed at 25611.

Now, we need to analyze the progress of wave (C) started from 25611 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 25611 which is the start of wave (C) of wave (4) on previous chart.

It seems wave 1 may be completed at 25458, wave 2 may be completed at 25539, wave 3 may be completed at 25223, wave 4 may be completed at 25396 and wave 5 may be in progress from 25396.

61%-100% projection for wave 5 of wave (C) is placed at 25156-25008 which is the possible target range on downside for completion of wave 5. if

And within wave 5, It seems wave [1],[2],[3] may be completed and wave [4] or [5] may be in progress.

38%-61%-100% projection for wave [5] is placed at 25157-25102-25015 which is the possible range for completion of wave 5 of (C) and same from where Bank Nifty can bounce further towards 25695 and above for new all time high in coming days.

Conclusion and Outlook :

Wave counts on the charts are indicating that Bank Nifty still has possibility to decline towards 25119 which further can extends towards 25035-24899 for completion of wave (C) of wave (4) in coming days.

Overall, 100% projection of wave (C) is at 25035, 100% projection for wave 5 of (C) is 25008, 100% projection for wave [5] of 5 of (C) is placed at 25015 and 25013 is medium term breakeven point. So, this 25035-25008 range is very important where most of the retracements/projections are meeting.

So, there is possibility of a small or big bounce without breaking much below 25000. Later levels can be calculated only after identifying some other pattern.

Trading Strategy :

Bank Nifty if decline towards 25119-25008 range then 25400 Call of 30 Nov Expiry can be bought using stoploss 24877 [end of bigger wave (1) on hourly chart] expecting targets above 25400 in comings days. Stoploss will be modified later after seeing progress of pattern.

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. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 November 2017 Onward
  2. Elliott Wave Targets of Bank Nifty for October 2017 Expiry
  3. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 16 October 2017 Onward
  4.  Bank Nifty can Bounce Above 25198 Again in Medium Term
  5.  Long Term And Short Term Elliott Wave Analysis Report of Bank Nifty for 14 August 2017 Onward
  6. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 27 July 2017 Onward
  7. Bank Nifty Can Bounce Sharply Towards 24437-24704 in Short Term
  8. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 14 July 2017 Onward
  9. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 July 2017 Onward
  10. Elliott Wave Analysis Report of Bank Nifty for 28 June 2017
  11. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 23 June 2017 Onward
  12. Bank Nifty can bounce further towards 23464-23587 in Coming Sessions

Contact me:

Email:  ewavinod@gmail.com

Call: 9796033671

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Websitewww.ewanalyst.com

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Category: Bank Nifty

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