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.
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:
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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- Why You Must Learn Elliott Wave Analysis from Deepak Kumar
- Elliott Wave Analysis of Nifty for All time Frames Dated 18 Oct 2014
- Elliott Wave Analysis Report by Deepak Kumar for All Time Frames – The Bigger Picture of Nifty
- Nifty can Show 8380 before breaking below 7723
- Bank Nifty can show 17920 before any Big Correction – EW Analysis on 10 Nov 2014