Bank Nifty - Consolidation to persists

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 Bank Nifty 2 hour chart


Analysis

As seen in the above chart, I was of the opinion that the index can be forming expanding diagonal pattern but it seems that this will not be the case. The index is likely to take more time and consolidate in the range of 43400 on the lower side and 44200 on the higher side.

The other possibility which I am opening here is that, as prices are moving in wave B there are high chances for the index to form triangle pattern at the top which will take time as it has completed wave a, wave b and currently moving higher in the form of wave c which can go till 44200-44300 price range.

The summation is Bank Nifty can go higher from current levels but there can be dips coming in between which can drag prices near to 43700-43600 levels and then the index can soar towards 44200-44300 price zone.

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