Elliott Wave Outlook of Bank Nifty before 25 January 2018 Expiry

| January 22, 2018 | 2 Comments

Bank Nifty opened higher at 26940, decline sharply to register low 26841 but bounced back again by more than 200 points to register again new all time high 27074 and finally closed 131 points up at 27041.

Yesterday, bounce towards 27055-27445 was expected with 26830-26757 as good support on downside. Trading strategy was book part profit in Bank Nifty 26300/26800 call of 25 Jan Expiry (bought in 26600-26433 range) and hold rest with stoploss below 26757.

Fresh trade was suggested if Bank Nifty decline near support range 26830-26757 buying 26700 call of 25 Jan Expiry with exact stoploss of 26739 expecting minimum target 27055-27445 in coming days.

Bank Nifty opened at 26940, declined to register low 26841 (Near support range 26830-26757) and bounced back again to register new all time high 27074. Bank Nifty 26300/26800 Call of 25 Jan expiry bounced from 242-757/47-329 and finally closed at 730/308 respectively within 2 days (gave profit more than 300%/600% both the calls).

And 26700 call of 25 Jan expiry also bounced from 223 to 403 and finally closed at 383. Now, we need to analyze latest charts for next move.

Bank Nifty achieved Minimum Target Range 27055-27445 which I expected before 25 Jan 2018 Expiry in my earlier analysis report Bank Nifty Can Bounce Towards 27055-27445 Before January 2018 Expiry. And suggested trade in 25 Jan Expiry calls also gave 300%-600% profit.

This analysis report is covering bounce from 17606 which I am expecting as start of inner wave [3] 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 Daily chart

Elliott wave counts of Bank Nifty on Daily chart

This is Daily time bar chart of Bank Nifty which I am expecting as start of wave [3].

It seems wave [i],[ii],[iii],[iv] may be completed till 23611 and wave [v] may be in progress from 23611.

Wave [v] achieved its 38% projection placed at 26511 whereas 61% projection placed at 28302 which may or may not achieve.

Within wave [v], it seems wave (1) may be completed at 25953, wave (2) may be completed at 24617 and wave (3) may be in progress from 24617.

Wave (3) achieved its 100% projection placed at 26959 whereas 161% is placed at 28406 which may or may not achieve. Bank Nifty achieved minimum 27074 till now.

Now, we need to analyze the progress of wave (3) started from low 24617 on separate lowest possible time frame chart to check its pattern.

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 24617 which is the start of wave (3) of wave [V] on the previous chart.

It seems wave completed from 24617-25780 may be wave (i), wave completed from 25780-25232 may be wave (ii) and wave (iii) may be in progress from 25232.

Within wave (iii), it seems wave 1 may be completed at 25803, wave 2 may be completed at 25527, wave 3 may be completed at 26887, wave 4 may be completed at 26423 and wave 5 may be in progress from 26423.

Wave 5 already achieved minimum 38% projection after breaking above 27055 and next 61% projection is placed at 27445 which may or may not be achieved.

Now wave 5 already achieved its minimum projection, so we need to analyze the progress of wave 5 started from low 26423 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 low 26423 which is the start of wave 5 of wave (iii) on the previous chart.

It seems wave [i] may be completed at 26620, wave [ii] may be completed at 26433, wave [iii] may be completed at 27036 and wave [iv] may be completed at 26878 or still in progress.

Normal 38%-61% projection for wave [v] is placed at 27112-27256 which is the minimum range on upside for completion of wave [v] of (iii), if wave [iv] is already completed at 26878.

38% retracement of wave [iii] is placed at 26801 where Bank Nifty can find good support for further bounce above 27074 and this bounce further can extend towards 27112-27445. And same 26801 is the breakeven point below which we can think of any reversal and same can be used as stoploss for any longs.

Conclusion and Outlook:

Bank Nifty registers new all time high 27074 again continuously for fourth session and wave counts still indicating that Bank Nifty has possibility to bounce further above 27074, may be towards 27112-27445 in coming days

26801 can be referred as the breakeven point below which we can think of any downside reversal and same can be used as stoploss for longs. But, Bank Nifty also has possibility to bounce from present level for new all time high above 27074.

Trading Strategy:

  1. If someone still holding Bank Nifty 26300/26800 calls taken on Friday then full profit must be booked because minimum target 27055 is achieved.
  2. 26700 call of 25 Jan Expiry if bought today near low 26841 (Near suggested 26830-26757 range) and still holding then hold it with modified stoploss of 26955 and start booking profit in 27112-27256 range.
  3. Bank Nifty if declines near 26878-26801 range again without touching 27112 then 26700 call of 25 Jan Expiry can be bought again with stoploss of 26789 (some point below 26801) expecting minimum target 27074-27445 in coming days.

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 Towards 27055-27445 Before January 2018 Expiry
  2. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 18 January 2018 Onward
  3. Elliott Wave Analysis of Bank Nifty for All Time Frames as on 08 January 2018
  4. Bank Nifty can bounce above 25780 sharply in coming days
  5. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 December 2017 Onward
  6. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 November 2017 Onward
  7. Elliott Wave Targets of Bank Nifty for October 2017 Expiry
  8. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 16 October 2017 Onward
  9.  Bank Nifty can Bounce Above 25198 Again in Medium Term
  10.  Long Term And Short Term Elliott Wave Analysis Report of Bank Nifty for 14 August 2017 Onward
  11. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 27 July 2017 Onward
  12. Bank Nifty Can Bounce Sharply Towards 24437-24704 in Short Term
  13. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 14 July 2017 Onward
  14. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 July 2017 Onward
  15. Elliott Wave Analysis Report of Bank Nifty for 28 June 2017
  16. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 23 June 2017 Onward
  17. 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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Comments (2)

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  1. THANGARAJ says:

    Nice sir your 26800 ce budget target 600 from 65 achieved
    High 625
    Close at 588
    Super sir almost 10 x return

  2. Niroj says:

    Target met and exceeded. will there be a correction now

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