Bank Nifty Analysis

Bank Nifty Analysis on 9 Nov 2020.  CMP 27,300.  Posted at 10:00 ~ 10:10 am.

Bottom line : With Nifty 50 making new all time highs, and likely heading towards 13,000, it is premature to call an end to the Bank Nifty rally.  Bank Nifty has rallied 7% since our previous post 6 days ago.

From previous posts "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." 

The slope of the recent advance in the past week suggests the rally is wave iii (and not wave C).

This near term rally is in sub-minuette degree wave iii that could reach the 28,000 level.  A decline below 26,000 appears unlikely in the near term.