Bank Nifty Analysis

Bank Nifty Analysis. As on 16 March 2021. CMP 35,270. Posted at 10:45 am.

The bearish triangle has extended even further.  This is the problem with trading triangles.  They can extend and frustrate.

Short term bullish to 36,500.

Price is headed up in wave C of a triangle. Wave B appears complete at 34,431.

For this count to remain valid, price needs to remain above 34,431.  A re-evaluation of the wave count would be required if price dips first below 34,431.

The larger correction is expected to complete at about the 31,500 ~ 32,000 level.