Nifty Bank Elliott Wave Analysis

 Nifty Bank Daily chart

Nifty Bank hourly chart

In the daily chart, Nifty Bank is moving in a sideways direction with support at 21000 and resistance at 25300 levels. It is seen from the chart, that prices have shown resilience from 21000 and it is moving near to its resistance. It is likely that the index will test 25100-25300 levels over short term. RSI is also inching towards overbought zone.

As shown in hourly chart, the index is moving in a rising channel and it is moving in a higher highs and higher lows. Any dip here can be utilized as a buying opportunity as it can test its previous high. As far as prices persist in this rising channel the bias will be firmly positive.

As per Wave theory, it is very clear that prices are moving in wave c in an impulse fashion. Wave a was a complex structure and wave b was a zigzag, so now wave c is going up which can move till end of wave a.

The summation is Nifty Bank is all set to move till 25100-25300 price range in near term with support at 22400 (closing basis).

Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every twice in a week for around 2 hours. This theory can be applied on all free floating markets. In this course learn from basic to advance and the fees for the same will be Rs. 12,000/-

Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.

Classroom training and webinars both are available. If you reside in Mumbai, classroom training is conducted in Vile Parle near station and Borivali Station. For inquiry and registration call +919324174580.


Comments

Phani Kumar said…
This Information is really good and informative. Thanks for it.
Check below links and get useful information.
PSBs

Popular posts from this blog

USDINR Elliott Wave forecast

USDINR: How an impulse wave looks like