Bank NIfty can Decline till 18227-17861 in Coming Sessions

| March 8, 2015

This Elliott Wave analysis report of Bank Nifty I prepared on request of my blog readers, subscribers and follower. I don’t have much time to analyze more than one script a day other than Nifty as I am always busy in replying queries of my students, So, I am just posting my rough wave counts of Bank Nifty without detailed explanation. Let’s have a look on daily chart.

Elliott Wave Analysis of Bank Nifty for 09 March 2015

Elliott Wave Analysis of Bank Nifty for 09 March 2015

This is daily time bar chart of Bank Nifty which shows a wave 3 completed at top 20907 and wave 4 is in progress. 23% for wave 4 is already completed and 38% is placed at 16719. Now, we need to look at only wave 4 closely on lower time frame chart.

Elliott Wave Analysis of Bank Nifty for 09 March 2015

Elliott Wave Analysis of Bank Nifty for 09 March 2015

This is 30 minutes time bar chart of Nifty covering move after all time high 20907 which I am expecting as start of wave 4. It seems waves (A) and (B) of 4 is completed and wave (C) is in progress. End of wave (A) is 18227 and 100% for wave (C) is at 17861.

Conclusion:

If I am right at identifying wave’s pattern correctly, then Bank Nifty can decline till 18227 -17861 in coming sessions before new high. This is just rough analysis, please take you own trading decisions and never   trade without stoploss.

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Category: Bank Nifty

About the Author ()

Deepak Kumar is an independent Technical Analyst, regular practitioner and Trainer of Elliott wave theory applying Elliott's Wave Principles on Indian Markets successfully since 2011 and made many accurate predictions. He is also the author of book "Practical Application of Elliott's Wave Principles by Deepak Kumar"

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