Bank Nifty

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 Bank Nifty daily chart


Analysis

Bank Nifty which has moved higher in five waves faced resistance at 38.2% from 0-3 added to 4, formed a doji in the daily chart and from there prices are moving down, the current fall looks to be corrective and it is imperative that prices break 44500 for more clarity of correction. If not, then the index will continue to climb higher.

The index has completed five waves up in the form of wave c of wave B and can start the down move in wave C. However, the down move is corrective in nature which indicates wave C on the lower side has not started.

The summation is Nifty bank needs to break 44500 which is the support of the rising channel, break of this will infuse selling pressure which can drag price towards 44100 levels.

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