Elliott Wave Outlook and Trading Strategy of Bank Nifty for 24 November 2017 Onward

| November 24, 2017 | 0 Comments

Bank Nifty opened higher at 25826, registers high 25838 but declined back again by more than 150 points to register low 25620 and finally closed 30 points down at 25736.

Yesterday, bounce towards 25924 was expected in coming days. And I suggested buying Bank Nifty 25600 Call of 30 Nov 2017 in 25766-25700 range using stoploss 25665 expecting targets above 25924 in coming days. Stoploss of 25665 was trigged as Bank Nifty declined till 25620 and finally closed at 25736. Now, we need to analyze latest charts for 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.

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 25924-25620 may be wave 4 and wave 5 may be in progress from 25620.

Wave 4 is some type of complex correction, may be Triple Zigzag. This correction for wave 4 stretched longer and deeper, so we can expect very sharp bounce after completion of this complex correction.

Normal 38%-61% projection for wave 5 is placed at 25909-26088 which is the possible target range on upside for completion of wave 5 of (iii) if 4 is already completed at 256620 in coming days.

Conclusion and Outlook :

There is no major change in wave counts but correction started from 25924 stretched longer and deeper forming some type of Complex Correction which confused me and trade failed.

Now, the decline started from 25925 carrying the personality of Corrective Pattern, so outlook is still positive for bounce above 25924 in coming days and bounce can be sharper and faster as correction/consolidation is longer. Immediate breakeven point is already broken and maximum limit for ongoing correction is 25421 (end of wave 1).

So, overall outlook is positive for one more bounce above 25924 in coming days without touching 25421. Otherwise it can also bounce straightway without touching 25619.

Trading Strategy :

Trading strategy for short term must be “Buying on Dips” as longs as Bank Nifty is trading above 25421 and until it achieve 25924.

So, any trade must be decided strategically keeping 25421 as lower limit and 25924 as minimum upside target. 25924 is just minimum target otherwise it can bounce further towards 26400 in coming days. Traders with good capital can plan hedge trade based on this condition.

One can also take small risk to buy 25600 Call of 30 Nov Expiry with stoploss of 25619 if get bank Nifty near 25650 expecting upside target 25924 in short term.

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:

Emailewavinod@gmail.com

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Website: www.ewanalyst.com

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Category: Bank Nifty

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