Further Elliott Wave Updates of Bank Nifty for 10 May 2019 Onward

| May 9, 2019

Bank Nifty opened lower at 28893, bounced to registered high 29040 but declined back again to register day’s low 28784 followed by bounce till 29032 and finally closed 109 points down at 28884.

Yesterday, 29288 was immediate resistance/upside breakeven point. Bank Nifty was expected to bounce towards 2972-29835 in coming sessions if breaks and stay above 29288. Otherwise, further decline towards 28941-28756 was expected if fails to break above 29288.

No particular trade was suggested in the report. Buying of 29400 call of 16 May was advised to buy at 100 for targets 160-200 by WhatsApp Broadcast. Bank Nifty bounce by more than 200 points after the trade and call bounced from 92-147 but minimum target 160 was not achieved. Now, we need to analyze fresh charts to calculate further move.

This analysis report is covering very last bounce started from low 24240 which I am expecting as inner wave [4] or [5] of (iii) of bigger (3) in my last analysis report Elliott Wave Outlook and Trading Strategy of Bank Nifty for 25 February 2019 Onward

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 covering move from low 24240.

It seems wave completed from 24240-27754 may be wave (A or 1), wave completed from 27754-26441 may be wave (B or 2) and wave (C or 3) may be completed at 30670.

38% retracement of progress of wave (C or 3) is placed at 29054 which is already broken today. 29054 is a trend deciding point from where Bank Nifty can bounce towards new high or can start further decline towards 26617-24240. Bank Nifty will enter in short/medium term negative zone after break below 29054.

29054 is already broken, so we need to concentrate on the decline started from high 30670 for confirmation.

Now, let’s analyze the move started after 30670 on separate lowest time frame chart to check its pattern and internal wave counts.

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 30670.

It seems wave completed from 30670-29435 may be wave (A or 1), wave completed from 29435-30121 may be wave (B or 2) and wave (C or 3) may be in progress from 30121.

Now, let’s analyze the decline started from high 30121 on separate lowest time frame chart to check next immediate move.

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 30121 which I am expecting start wave (C or 3) on the previous chart.

It seems wave [1] may be completed at 29537, wave [2] may be completed at 29835 and wave [3] may be in progress from 29835.

Within wave [3], it seems wave (1),(2),(3),(4) may be completed till 29241 and wave (5) may be completed at 28784 or still in progress.

Wave [5] achieved 38% projection after breaking below 28941 whereas next 61%-100% projection is placed 28756-28457 which may or may not be achieved.

23%-38% retracement of progress of whole wave [3] is placed at 29032-29185 which is immediate resistance range with 29185 as immediate upside breakeven point. Bank Nifty if breaks and stay above 29185 for 15 minute can result in further bounce towards 29712-29835.

Conclusion and Outlook:-

Bank Nifty broke short/medium term downside breakeven point after breaking below 29054 and entered in medium term negative zone. Overall downside targets are 26617-24240 and 29185 is upside breakeven point. Any upside reversal can be expected after break above 29185 only, otherwise cautions for big decline towards 26617-24240 are there in coming weeks/months. But we need to look at internal pattern to decide trades.

For Intraday/very short term, 29032-29185 is immediate resistance range with 29185 as immediate upside breakeven point. Bank Nifty if breaks and stay above 29185 for 15 minute can result in further bounce towards 29712-29835. Otherwise, further decline towards 28756-28457 is possible.

Trading Strategy:  

Major support 29054 is broken and Bank Nifty entered in short/medium term negative zone and can decline even towards 26617-24240. So, main trading preference would by selling on every 23%-38% rise. 29185 is current breakeven point as of now.

Selling can be done near 29185 or if we see the formation of any bearish internal pattern. I will send alert during market hours through whatsapp if find any confident trading opportunity based on internal wave patterns.

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DisclaimerThis analysis report is just for outlook, probabilities and expected markets behaviour based on my personal Elliott Wave Analysis. Any trade based on these reports is solely your decision. I will not be responsible for any trade, loss or profit.

                                                               

 

                                                                                                                                                  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Category: Bank Nifty

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