Bank Nifty

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 Bank Nifty daily chart


Analysis

As seen in the above chart, prices have crossed its previous high decisively and has formed a hanging man in daily chart (candle stick pattern). This is a bearish reversal candle stick pattern and occurs at the top. However any move above 44790 levels will negate the pattern implication (candlestick) and continue the uptrend. Any move below 44666 (closing basis) will form a red candle which will be negative for the index atleast for some time.

Wave theory suggests, prices are moving in wave B in which it has opened wave c which is impulse in nature. But since wave a was bigger in nature there is a high possibility of wave c to be smaller.

The summation is Bank Nifty will continue its uptrend once the level of 44790 is breached which can soar prices near to 45200 levels. Any move below 44666 (closing basis) will open the possibility for correction mainly sideways to negative. Move below 44065 will make the index tumble as reversal will be confirmed.

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