Elliott Wave Outlook and Trading Strategy of Bank Nifty for 18 January 2018 Onward

| January 17, 2018 | 0 Comments

Bank Nifty opened lower at 25946, registers low 25922 and bounced back by more than new 350 points to register new all time high 26335 and finally closed 314 points up at 26289.

Yesterday, bounce towards 26136 and above was expected and 25903 was immediate breakeven point for downside. I suggested buying Bank Nifty 25800 call of 18 Jan Expiry if get in 25931-25903 range with stoploss of 25869 expecting new life time high as minimum target. I suggested buying Bank Nifty 25800 call of 18 Jan Expiry if get in 25931-25903 range with stoploss of 25869 expecting new life time high as minimum target.

Bank Nifty opened at 25946, register low 25922 [25931-25903 range triggerd] and bounced back by more than 350 points to register new all time high 26335. Our 25800 18 Jan expiry call bounced from 133-494 and finally closed at 476. Now, we need to analyze latest charts for next move.

This analysis report is covering more from 24617 which I am expecting as start of inner wave (5) in my last all time frames analysis report “Elliott Wave Analysis of Bank Nifty for All Time Frames as on 08 January 2018”

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 which I am expecting as start of wave (5).

It seems wave 1,2, 3, 4 of (5) may be completed till 25232 and wave 5 may be in progress from 25232. Wave 4 is Double Zigzag correction.

Wave 5 of (5) achieved its 38%-61% projection placed at 25676-25950 whereas 100% placed at 26395 which may or may not achieve. Bank Nifty achieved 26335 till now and wave 5 is already extended.

Within wave 5, it seems wave [1] may be completed at 25454, wave [2] may be completed at 25300, wave [3] may be completed at 26136, wave [4] may be completed at 25922 and wave [5] may be in progress from 25922.

Wave [5] achieved its 38% projection placed at 26267 whereas 61% placed at 26480 which may or may not achieve.

Now, we need to analyze the progress of wave [5] started from low 25922 on separate lowest possible time frame chart to check its pattern.

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 25922 in which I marked as start of wave [5] of 5 on previous chart.

It seems wave (i) may be completed at 26105, wave (ii) may be completed at 26038 as Irregular Correction and wave (iii) may be in progress from 26038.

Within wave (iii), it seems wave 1,2,3 may be completed till 27320 and wave 4 may be completed at 26252 or still in progress.

Normal 38%-61% projection for wave 5 is placed at 26407-26500 which is the possible range on upside for completion of wave 5 if wave 4 is already completed at 26252.

38% retracement of the progress of wave (iii) is placed at 26212 which can be referred as breakeven point on downside and same can be used as stoploss for longs.

Conclusion and Outlook:

Bank Nifty bounced by about 300 point to register new all time high 26335 after breaking earlier and still has possibility to bounce further towards 26335 and above because pattern still doesn’t seem completed. There is no sign of reversal yet.

And 26212 is the immediate breakeven point on downside and same can be used as stoploss for any longs.

26105 can be refereed as Pattern Negation point below which downward reversal is possible. Otherwise Bank Nifty has possibility to bounce further above new high without touching end of wave (i) [26105].

Trading Strategy:

  1. If someone still holding Bank Nifty 25800 call of 18 Jan Expiry bought today in 25931-25903 range then book part profit and hold rest with stoploss below 26212.

 

  1. If Bank Nifty will get in 26212-26180 range then bought 26100 call of 25 Jan Expiry with stoploss of 26104 [end of wave (i)] expecting new all time high as minimum target.

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 Analysis of Bank Nifty for All Time Frames as on 08 January 2018”
  2. Bank Nifty can bounce above 25780 sharply in coming days
  3. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 December 2017 Onward
  4. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 November 2017 Onward
  5. Elliott Wave Targets of Bank Nifty for October 2017 Expiry
  6. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 16 October 2017 Onward
  7.  Bank Nifty can Bounce Above 25198 Again in Medium Term
  8.  Long Term And Short Term Elliott Wave Analysis Report of Bank Nifty for 14 August 2017 Onward
  9. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 27 July 2017 Onward
  10. Bank Nifty Can Bounce Sharply Towards 24437-24704 in Short Term
  11. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 14 July 2017 Onward
  12. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 July 2017 Onward
  13. Elliott Wave Analysis Report of Bank Nifty for 28 June 2017
  14. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 23 June 2017 Onward
  15. Bank Nifty can bounce further towards 23464-23587 in Coming Session

 

Contact me:

Emailewavinod@gmail.com

Call: 9796033671

WhatsApp: 9796033671

Website: www.ewanalyst.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Category: Bank Nifty

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