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.

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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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