Bank Nifty have the possibilities to show levels 17920 and above before any big correction. Bank Nifty is rising continuously after bounce back from 15130 and raised 2300 points in last 20 sessions. Let me show you the chart I analyzed on 27 Oct 2014.

Elliott Wave Analysis of Bank Nifty
Elliott Wave Analysis of Bank Nifty

This is daily chart of Nifty covering move after 9944. This chart I analyzed on 27 Oct 2014 when Bank Nifty was trading at all time high around 16550 and expected it to show at least 17920 seeing the wave’s counts. Bank Nifty bounced almost 900 points after that without any reasonable correction. Now I need to see last upside wave closely to see its structure and explore further probabilities.

Elliott Wave Counts of Bank Nifty
Elliott Wave Counts of Bank Nifty

This is 30 minutes time bar chart of Bank Nifty showing move after 15130. By seeing the possible wave counts, it seems Bank Nifty is progressing as Impulse upside and still in wave 3 of impulse. Probable counts are plotted on chart. By seeing the scenario, it seems the scope for upside is still there in Bank Nifty. We can see one more wave upside after seeing 23% to 30% correction of this total up move that can take Bank Nifty to 17920–18000 in near term. Low risk entry levels and stop loss can calculate after seeing a reasonable correction.   

Very short term view:

Short Term Targets of Bank Nifty
Short Term Targets of Bank Nifty

This is 5 minutes time bar chart of Bank Nifty showing latest move. It seems like a “3–3–5 Flat Correction” at the top. By seeing the scenario, small risk can be taken to buy Bank Nifty with 17130 spot as stoploss for target of 17425 and above.