Bank Nifty: Wave C to start

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 Bank Nifty daily chart


Bank Nifty 2 hour chart


Analysis

In my previous update I had mentioned that, " Nifty Bank is positively poised over short term and can reach towards 41700-41800 levels."

Prices made a high of 41659 which was close to my mentioned level. I you want to read the previous article on Bank Nifty, click on the below link

https://www.marketanalysiswithmeghmody.com/2023/03/bank-nifty-alternate-counts-as-per.html

As seen in the above daily chart, prices are moving in a lower highs and lower lows and it has faced multiple resistances of the falling channel along with the 50 SMA (blue) and has started moving down. The moving average continues to be negatively poised and prices are below both the moving averages which is not health for the index.

In the weekly chart, prices have formed a dark cloud cover near the resistance of the channel (candlestick pattern).

I have said  in my earlier update that first prices will go towards 41700-41800 levels and then it will come down. I have also said that I will see the characteristic of the fall and will update accordingly. In this case I was certain that index will fall and I am opening that possibility now.

In 2 hour chart, the index is moving in a range of 41700-39600 levels, as far as prices persist in this range a sideways action can be seen. However, prices have reversed from the upper end of the range and there is a high possibility for the index to reach the lower end of the range placed at 39600 levels.

From Waves perspective, prices have completed wave B and has opened wave C on the lower side which can go till 39600-39500 price range. 

The summation is Nifty Bank is negatively poised and can tumble towards 39600-39500 levels over short term. My medium term targets are still intact which I have mentioned in my earlier updates.


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