Nifty Bank Elliott Wave Analysis

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 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.

 

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