Bank Nifty Update

Bank Nifty Update. As on Mon 30 May 2022. CMP 36,000. Posted at 12 noon.

Bottom line : Bank Nifty is up healthily from 33,000, but this rally has not taken the form of an impulsive 5 waves as yet.  So it is difficult to be too sure whether Primary count is playing out to new all time highs or whether this rally is wave E of a bearish triangle.  For guidance, it is our opinion the Nasdaq is the best index to spot a turn due to the clarity of it's structure.

Our bias is towards the primary count, but would not take much to change our view.


Primary Count : The larger bullish triangle likely completed at 33,009.  Price is headed up to new highs above 42K.

On the hourly chart, the inverse head & shoulders worked out well.

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Alternate count : Due to lack of clarity in the sub-waves of the rally from 33,009, this count remains an uncomfortable option, where Bank Nifty is tracing out wave e of a bearish triangle, which after completion, would commence to decline to below 30K on a thrust lower.