Nifty Bank Elliott Wave Analysis

 Nifty Bank hourly chart


As shown in the above hourly chart of Nifty Bank, it is very clear that prices are facing the resistance of the falling channel. On the last trading day of the previous week, the index failed to cross the resistance of the channel and as a result selling pressure intensified, faltering the index by over 2.7%.

Now it will be difficult for the index to move above 34400 levels and as a result it can move down near to the support of the falling channel. The immediate resistance will be 33535 levels, the bias will be firmly negative for the index.

As per wave theory, I think the index is moving down in simple zigzag, where wave a was an impulse fall followed by wave b which is at 50% of wave a and I am now expecting wave c lower which can fall till 61.8% of wave a to wave b, which comes to 29800-29700 levels.

The summation is Nifty Bank is facing resistance at 33535 levels, as far as this level holds the index can slump till 29800-29700 levels over short term.

 

Education

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 Borivli Station. For inquiry and registration call +919324174580.


Comments

Popular posts from this blog

USDINR Elliott Wave forecast

Aluminium: Expanding and Contracting Diametric pattern.

Tata Steel Elliott Wave Analysis