Nifty Bank: Elliott wave analysis

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Nifty Bank daily chart

Nifty bank hourly chart


In the above daily chart, the index is now failing to cross 23100 levels which is now a resistance zone. Prices continue to move in an upward channel where it has arrived to its resistance and is now showing signs of reversal. Daily RSI which is on the lower panel of the chart is also reversing from the overbought terrain.   

As shown in hourly chart, Bank index happens to arrive near cluster of resistances. The first resistance is where the rising channel is placed, the second is the rising wedge pattern which is on the brink to complete, any move below 22000 will infuse selling pressure dragging it way lower near to the support of the channel.

As per Wave theory, prices have come to 100% of wave a to wave b where it has completed wave c in ending diagonal formation. Any move below 22000 will give a bearish break of the pattern and will drag prices till 20500-20200 range. This down move can be labeled as wave x or one higher degree of wave b which I will open once it is completed.

The summation is, the bias is cautiously positive as it is likely that prices will break 22000 which is an important support and will test the support zone of 20500-20200 levels over medium term.

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