Nifty Bank: Dark Cloud Cover

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 Nifty Bank daily chart


Nifty Bank 2 hour chart


Analysis

Nifty Bank has formed a dark cloud cover in weekly chart, bearish candle stick pattern. The index has closed below the 20 EMA moving average (red) in the daily chart, thereby opening negative possibilities. Also the index was down by 1000 points on Friday which was steep and has also broken its previous support which is a negative sign.

RSI which was in overbought terrain is now moving out but still way above the center line.

From 2 hour chart, prices have closed below both the short term moving averages which is a bearish sign as this indicates a possible reversal to happen. If the downfall continues then there is a high chance for the index to reach and break 42000 levels.

As per Elliott Wave, the index has probably completed wave b of wave c lower and has opened wave c of wave c which can move towards 38000. As of now Nifty Bank can break below 42000 followed by 41600 levels over short to medium term.

The summation is Nifty Bank is negatively poised and can tumble towards 42000 followed by 41600 over short term.

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