Bank Nifty Elliott Wave Analysis. As on 3 Nov 2020. CMP 25,466. Posted at 10:05 ~ 10:15 am.
For well over a month, the wave count has shown the probability was for a new high above 25,228 (high of Aug 31). We have labelled every twist and turn fairly accurately and this rally to this morning's high of 25,502 comes as no surprise.
Minimum target of a new high above 25,228 has been achieved !!
Now what ?
We now move to a more neutral view.
Price is either in a wave C up or wave iii up (of minute degree). If it is wave iii, then Bank Nifty could reach 27,000 before wave iii is finished. But if wave C, then the end of this rally is near.
We will now wait to see how the structure unfolds over the coming days and weeks to decide whether to turn bullish, bearish, or stay neutral.
Bank Nifty Analysis. As on 30 Oct 2020. CMP 24,190
Bank Nifty could be providing us a clue as to where Nifty is heading short term. A 4th wave triangle may be complete at 23,825, but further small new lows cannot be ruled out.
Target remains above 25,228, likely 25,500 level.
Once Bank Nifty makes a new high above 25,228, our bullish stance on Bank Nifty may change to neutral.
For longer term wave counts, see previous tabs.
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Alternate count : We cannot yet rule out this count that a wave B high is in place already at 25,298, but we think it is unlikely at this stage.
Bank Nifty Analysis. As on 26 Oct 2020. CMP 24,075. Posted at 5:05 pm.
Ideally, a minuette degree wave (iv) correction is complete at today's low of 23,879, but further small lows cannot be ruled out.
We are looking for a rally to commence shortly to above 24,821, and likely to above the Aug 31 high of 25,298.
Once Bank Nifty makes a new high above 25,298, our bullish stance on Bank Nifty may change to neutral.
For longer term wave counts, see previous tabs.
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Alternate count : We cannot yet rule out this count that a wave B high is in place already at 25,298, but we think it is unlikely at this stage.
Bank Nifty Analysis. As on 22 Oct 2020. CMP 24,500. Posted at 9:45 am.
Our previous post when Bank Nifty was at 23,860 we said "Short term target is 24,187 to 24,800 to complete this small wave (5) of micro degree."
Bank Nifty had a good run in the last 3 days, rallying 1,000 points, and appears to have completed micro degree wave v of (iii) at 24,821.
Price is likely to consolidate between 24,000 and 24,850 in the short term, in a minuette degree wave (iv). Note that price is free to decline to the 23,000 level without changing the pattern.
Eventually the target is above 25,298, nearer to 26,000.
If rally accelerates, then probability will be bolstered that price is in wave iii to the upside (which would open up possibility of new all time highs). Until that happens, we are assuming a more bearish outcome where the current rally is wave C which would end roughly around 26,000.
Bank Nifty Analysis. As on 19 Oct 2020. CMP 23,860. Posted between 9:35 am ~ 9:45 am IST.
Primary count : Price is following script, and appears to be in a small wave (5) up of minuette degree wave (iii). Short term target is 24,187 to 24,800 to complete this small wave (5) of micro degree.
We prefer not to see price decline below 22,982 (wave 4 of micro degree). A decline first below 22,766 would invalidate the short term count. Eventually, a high above 25,298 is expected under this primary count.
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Alternate count : Price could be in a wave c down of a triangle that could take price down to the 18,000 level.
Bank Nifty Analysis. As on 13 Oct 2020. CMP 23,736
The rally in Bank Nifty does not look complete. Price should rally in a small wave 5 of iii.
1st target is 24,500 ~ 25,000.
2nd target is above 25,228.
We would not like to see a decline below 22,766 as that complicates the current picture.
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Alternate count : Price could be in a wave c down of a triangle that could take price down to the 18,000 level.
Bank Nifty Analysis. As on 8 Oct 2020. CMP 23,150. Posted at 9:43 am.
Price is continuing it's strong rally, and is on course towards a high above 25,228. There is no change from previous posts.
The bearish alternate count has receded further into the background as price has continued it's strong rally. Technically, it remains on the table, but there is no evidence to support a trend change for now (corrections are certainly possible).
A decline below 21,811 (subminuette degree wave i high of the recent rally) has become highly improbable under this count.
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Alternate count : Price could be in a wave c down of a triangle that could take price down to the 18,000 level.
Bank Nifty Elliott Wave Analysis. As on 5 Oct 2020. CMP 22,700. Posted at 10:25 am.
Bullish forecast has been justified. An expanded flat is complete at 20,404.
21,128 level now becomes critical support and should not be violated for at least a couple of weeks. In fact, if this count plays out, previous session gap up level of 21,664 should also not be violated.
Notice today's session and previous session both opened with a gap up. This is clearly bullish. Price appears to be in a strong rally that should carry to above 25,228.
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Alternate count : Price could be in a wave c down of a triangle that could take price down to the 18,000 level.
Bank Nifty Analysis. As on 30 Sep 2020. CMP 21,400. Posted at 2:20 pm.
Bullish as long as price does not close on a daily basis below 20,900, which is strong support (green line below on the daily chart).
Primary count : An expanded flat could be complete at last week’s low of 20,404. Price is currently rallying in wave 3 (or wave C) to above 25,228.
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Alternate count : Price could be in a wave c down of a triangle that could take price down to the 18,000 level.
