Bank Nifty Anticipated Happened

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Bank Nifty was the only index who showed tremendous weakness from past 2 months, but is there still pain left in this index?

The answer to the above question can be provided through advance technicals such as Elliott Wave analysis that gives us an objective answer. Combining Elliott wave along with simple technicals such as channels, retracements, projections helps us to understand the possible resistance and support levels.

The following excerpt is been picked from our research report.
Bank Nifty 120 mins chart (Anticipated on 2nd September)




Bank Nifty 120 mins chart (Anticipated Happened)



Analysis:

Bank Nifty is an index which includes banking stocks such as SBI, ICICI Bank, Axis Bank, HDFC Bank etc. As seen in daily chart, prices in May 2013 made a high of 13414 and thereafter it fell down steeply particularly from July 2013. Prices have arrived near the resistance of the blue channel; a move below 8904 will provide a confirmation that the down trend is still to stay.

From 120 mins chart we can observe that prices are moving in a red falling channel and on Friday it failed to breach this channel. A move below 8904 will open negative possibilities and prices can move down lower till 8700. However, momentum indicator RSI is exhibiting positive divergence (shown by blue line).

As per wave perspective, prices are moving in a Wave …. after completing wave …. in a Extended Flat correction. Wave …. is impulsive and has …. legs, recently it completed wave …. at 9586 and currently it is moving down in the form of wave …. of wave ….

In short, a move below 8904 will provide first negative possibility that prices can move down to 8700 over short term.



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