Nifty Bank Elliott Wave Analysis

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 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).

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Comments

Phani Kumar said…
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PSBs
12 October 2020 at 15:31
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