Elliott Wave Targets of Bank Nifty for October 2017 Expiry

| October 24, 2017 | 0 Comments

Bank Nifty opened higher at 24141 and declined to register low 24032 but bounced back again by more than 250 points to register high 24293 and finally closed 133 points up at 24222.

Yesterday, I mentioned Bank Nifty still has possibility to bounce towards 25198 in coming days and I suggested trade with condition that, “If Bank Nifty breaks 24253 within couple of hours (before 11:15 AM) then Bank Nifty 24100 Oct call can be bought on decline towards 24200-24150 using stoploss of 24129 expecting upside targets 24878-25198 in coming days”.

Bank Nifty was trading above breakeven point 24253 at 10:10 AM (between 24253-24286) so our condition was satisfied and our 24100 Oct Call [buying range 24200-24150] was trigged. Now, we need to analyze latest chart to find 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 30 Minute chart

Elliott wave counts of Bank Nifty on 30 Minute chart

This is 30 Minute time bar chart of Bank Nifty covering move from low 23611.

The corrective pattern seems completed at 23611 and new upside wave for high above 25198 may be in progress from 23611 (explained in my previous analysis report).

And within the bounce from 23611, It seems an impulse completed from 23611-24227 may be wave (A or 1), wave completed from 24227-23978 may be wave (B or 2) as an Irregular Correction and wave completed from 23978-24878 may be wave (C or 3).

Now, we need to analyze decline started from 24878 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 high 24878.

It seems wave completed from 24878-24518 may be wave (a), wave completed from 24518-24807 may be wave (b ) and wave completed from 24807-23912 may be wave (c).

The corrective pattern (abc) seems completed from 24878-23912 and new upside wave seems in progress from 23912 which may extend above new high in comings day’s/weeks.

Within the bounce after 23912, it seems inner wave [1], [2], [3], [4] completed till 24147 and next [5] may be in progress. Minimum 38%-61% for wave [5] is at 24293-24382 and next 100% is placed at 24528. So, 24293-24382 is minimum targets range on upside which further can extend towards 24528.

24147 (start of wave [5]) is fresh stoploss for longs and this stoploss will change to 24279 once Bank Nifty breaks above 25382.

Conclusion and Outlook :

Bank Nifty broke breakeven point 24253 as expected and registers high 24293. Now outlook of Bank Nifty is bullish for immediate upside targets 24293-24382 which further can extend towards 24582. Otherwise this bounce can break above 25198 in comings days/weeks.

24147 (start of wave [5]) is fresh stoploss for longs and this stoploss will change to 24279 once Bank Nifty breaks above 25382.

Trading Strategy :

Bank Nifty 24100 Oct 2017 Call bought in 24200-24150 range can be hold with fresh stoploss of 24147 expecting minimum upside targets 24293-24382 which further can extend towards 24528. Modify stoploss to 24279 once Bank Nifty breaks above 24382.

Please book/protect profit with trailing stoploss whenever seeing reasonable profit.

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

 

Contact me:

Emailewavinod@gmail.com

Call: 9796033671

WhatsApp: 9796033671

Website: www.ewanalyst.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Category: Bank Nifty

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