Bank Nifty Analysis

Bank Nifty Analysis. As on Good Friday (holiday) 2 April 2021. CMP 33,858.

No change from previous post of 26 March 2021, where we said "With yesterday's low at 32,422, a temporary low is likely in place.  The sub-divisions count quite well from 36,497 to 32,422....A choppy rally to the 35,500 level is likely on the cards in wave C up of a bearish triangle."

The low at 32,422 has held, and the rally since then has been choppy so far.

If the low at 32,422 is violated, the count would need to be revised, but at this time, so far so good.

This is also in tune with the Nifty Primary count.

Notice in contrast to the Nifty, there is no expanding triangle visible (the expanding triangle is the alternate count for Nifty).  This contracting triangle count looks like the most probable count for both at this time.