Bank Nifty can show 18352-18946 before any big correction – EW Analysis on 23 Nov 2014

| November 24, 2014

Bank Nifty breached the mark of 18000 on Friday, 21 Nov 2014 with high volume and more than 400 points rise in a single session. I expected Bank Nifty to show at least 17920 in my previous Elliott Wave analysis report of Bank Nifty on 10 Nov 2014. 

As Bank Nifty already achieved my minimum targets of 17920, my followers and blog readers requested me to post further outlook of Bank Nifty. So, let us explore the further possibilities on chart. 

Elliott Wave Analysis Report of Bank Nifty

Elliott Wave Analysis Report of Bank Nifty

This is 30 minutes time bar chart of Bank Nifty covering move after 15130. Though Bank Nifty raised almost 3000 points without any big correction in between, still it is not showing any big correction from present levels. Personalities of wave within move from 15130-18100 suggesting some more upside before any reasonable correction. 

Current set up on chart showing minimum 18352-18946 for Bank Nifty before any big correction. 

Let us take a close look on Bank Nifty 5 minute’s time bar chart: 

Elliott Wave Analysis Report of Bank Nifty

Elliott Wave Analysis Report of Bank Nifty

This is 5 minutes time bar chart of Nifty showing move of last two sessions. The parallel consolidation at top is not suggesting any big correction from those levels. Bank Nifty can be bought after identifying the completion of ABC correction at top with stop loss for minimum 220-370 points upside.

Elliott Wave Theory is the only tool which indicates the future of MARKET in advance. Nothing is better and more accurate than Elliott Wave Theory to find exact tops, bottoms, perfect entry levels and stoplosses and it works on every time frame including Long Term, Medium Term, Short Term as well as Intraday.

So, Learn Elliott Wave Theory yourself to know the future of Stock Market in advance and to transform to trading into profitable business.

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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"

Comments (11)

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  1. priyank says:

    Will you be able to study Banknifty chart? will be much enlightened by your knowledge of reading charts.Currently you have not published anything related to banknifty, I am waiting very impatiently.

    • Deepak Kumar says:

      Dear Priyank,

      I teach Elliott Wave Analysis and I have more than 50 students now who ask me queries and questions every day. I also need to prepare Elliott Wave Analysis Report of Nifty daily for them which takes more than 02 hours.

      And preparing a report of Bank Nifty also takes 02 hours as it takes time to analyze, presenting on charts, writing explanations and publishing on website.

      So, it is not possible for me to analyze more than 1 script a day and I post my analysis reports on my website to show that Elliott Wave Theory really works for those who want to learn.

      And my advice for you is to learn yourself, Money can never be made by other’s advice in stock market.

      • Priyank says:

        Yes I agree with you. Actually I am learning basic technicals, once I get confident, I will go for Elliot, but right now by mistake I got stuck in axis

        • Deepak Kumar says:

          Elliott Wave Theory is completely different from every other technical analysis method. Elliott Wave theory is a natural law and is a stand alone method. Whatever technical you learn, it will not help you to learn Elliott wave analysis. You wave have to start from 1st step to learn EWT.

      • sn says:

        Sir

        We agree and value greatly your views and the time constraints that you have. Since bank nifty swings are very huge, your analysis based on EW for bank nifty will be of great opportunity for your readers. Once in a while say once a month, if you give your views on BN, it will be of great help for readers and learners like me. We will try to extrapolate once we get a few initial thoughts from you.

        Sorry to trouble you and hope to get a report from you asap, may be after the three continuous holidays in early April.

        Regards

        SN

  2. Dharmarajan Ananthanarayanan says:

    Hi,

    Can we please have an update on Bank Nifty?

    Based on the calculations I’ve done and understanding, I hope wave v of 5 is over at the top 20906, and this wave v is extended one. And start of wave i of 5 is at 17502 and ends at 18923. So wave A can correct upto 17502 and then wave B for upside. Please advise. Thanks.

    • sn says:

      Sir,

      I agree with Mr Dharmarajan and request your thoughts on bank nifty since it is more than two months after you posted last.

      My big picture view is as follows :

      First leg of correction wave A has ended @ 18227 ( 2679 pts from 20906 to 18227 ) and the upside second leg will complete @ 19566 ( 1339 pts = 50% retrace ) and the next down leg 3 will come down from 19566 to 18010 ( 1656 pts @ 61.8 ) upleg 4 will rise 23.8 % of 394 pts to 18404 and last leg 5 will come down by 200% of 788 pts to 17616 points.

      Can you review this possibility and revert Please.

      Thanks

      SN

  3. Mahesh says:

    8539 will be the top for this wave. then correction of 100 odd points.

    • Deepak Kumar says:

      Dear Mahesh Ji,

      Sorry but this is wrong place for your comment as it is Bank Nifty post.
      And I never use “Will” word in stock market or analysis. May be, “8539 will be the top for this wave. then correction of 100 odd points”.

      • Mahesh says:

        dear Deepak,
        It’s just a manner of speaking. You may not use the word ‘will’ but there is no law against using the word ‘will’. Anyway it is just a figure of speech. Nothing personal. Just sharing my thoughts with another Elliot wave enthusiast. Why are you taking it so seriously? Since you are deleting my comments and regularly taking offense to my posts I shall not be posting here again.

        • Deepak Kumar says:

          Dear Mahesh,
          You are taking it wrong. I am an analyst and I am always neutral. You can use this word, I just said that I don’t. Means My reply will never have “will” word if you are expecting. I always say “may be” and I always say “I might be wrong”.

          And, I never deleted your single comment. You every comment is available here and automatically approved. But Links in your comments are deleted. External Link to other text less webpage is not good for my website reputation. I will never allow any comment on my website with any external link. I apologize for that.