Elliott Wave Outlook and Trading Strategy of Bank Nifty for 23 November 2017 Onward

| November 23, 2017 | 0 Comments

Bank Nifty opened higher at 25805 and bounced further to register high 25831 but declined back again to register low 25665. Bank Nifty bounced again from 25665 to 25800 and finally closed 9 points up at 25766.

Yesterday, bounce towards 25924 and above was expected in coming days and 25634 was breakeven point. And I suggested buying Bank Nifty 25600 Call of 23 Nov 2017 on decline using stoploss below 25634 expecting targets above 25924 in coming days.

Bank Nifty declined near stoploss 25634 (registered low 25665) giving great opportunity for trade and bounced back above 25800. 25600 call registered low 131 and then bounced till 220.

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.

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), wave completed from 25695-25119 may be wave (4) and wave (5) may be in progress from 25119.

Normal 38%-61% projection for wave (5) is placed at 25915-26406 which is the possible target range on upside for completion of wave (5) in coming days. Minimum 25915 is already achieved.

Within wave (5), it seems wave (i) may be completed at 25611, wave (ii) may be completed at 25166 and wave (iii) may be in progress from 25166.

Now, we need to analyze the progress of wave (iii) started from 25166 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 25166 which is the start of wave (iii) of wave (5) on previous chart.

It seems impulse wave completed from 25166-25421 may be wave 1, wave completed from 25421-25362 may be wave 2, wave completed from 25362-25924 may be wave 3, wave completed from 25924-25665 may be wave 4 and wave 5 may be in progress from 25665.

Normal 38%-61% projection for wave 5 is placed at 25954-26133 which is the possible target range on upside for completion of wave 5 of (iii) of (5) in coming days.

Conclusion and Outlook:

Wave counts on the charts are indicating that the pattern still not completed and there is possibility of one more bounce above 25924 which further can extend towards 25954-26133 for completion of wave (iii) of wave (5) in coming days.

Overall outlook is still bullish with 25665 (end of wave 4) as stoploss for longs.

Trading Strategy:

Trading strategy for short term must be “Buying on Dips” as longs as Bank Nifty is trading above 25665 for targets above 25924 in coming days. So,

If someone holding 25600 call of next weekly expiry (30 Nov) can hold same with fresh stoploss of 25664 expecting targets above 25924 in coming days.

Fresh longs in 25600 Call of 30 Nov Expiry can also be taken in 25766-25700 using stoploss of 25664 expecting targets above 25924 in coming days.

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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

 

 

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Category: Bank Nifty

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