Bank NIFTY from 20000 odd levels reaches our final target 14800 Bang on !!!!
10 Months ago we have predicted 14800 on Bank NIFTY !!! Gracefully we were Bang on at the point !!!
What next ????
To Know more above next big move in Major Indian Sectors & to Know more detailed Elliot Wave Counts and where probably markets
are heading towards long, medium and short term levels and which sectors to be in, educate
yourself with us from simple to advanced technical analysis concepts For Workshops on Technical Analysis & Financial Markets Contact Us
+91 78291 55900
Note: This report is for educational purpose and the specific levels have not been mentioned.
10 Months ago we have predicted 14800 on Bank NIFTY !!! Gracefully we were Bang on at the point !!!
What next ????
To Know more above next big move in Major Indian Sectors & to Know more detailed Elliot Wave Counts and where probably markets
are heading towards long, medium and short term levels and which sectors to be in, educate
yourself with us from simple to advanced technical analysis concepts For Workshops on Technical Analysis & Financial Markets Contact Us
Raju V Angadi Vishwanath, B.E., MS, CMT
Technical Analyst
rvangadi@googlemail.com+91 78291 55900
Chart
1 (Weekly)
Chart 2 (Daily)
Chart 3 (Weekly)
· Bank NIFTY has been in a stellar structural
rally from 9944 towards 20000+ levels from past 13 months
·
Bank NIFTY is now facing still resistance near
20000 odd levels on weekly charts
· There is a saying that, “If a Positive news
can’t take the index/stock up what else can”. After an RBI repo rate cut gap up
opening Bank NIFTY unable to hold initial gains closing negative at days low
forming double top near 20540 – 20550 levels as shown in Chart 2
· On weekly charts unable to cross 20100 indicating the index is facing
stiff resistance near the levels as shown in Chart 1
·
The Fibonacci extensions of the complete move of
Wave 1 = 2.618 Wave 3 (Weekly), where Bankex is facing stiff
resistance indicating can be the truncation of Wave 3 of Primary degree as
shown in Chart 3
·
Fibonacci Time cycles series showing completion
of 3.618 extension weekly charts and Fib spirals indicating the trend might be
due for reversal
·
RSI has shown a negative divergence from price as shown in Chart 2
·
Wave counts also suggesting there could be
termination of Wave 3 of Primary degree and could be a complex correction in
both price and time is coming ahead as Wave 2 was simple zig-zag and Wave 4
could be complex as Wave 3 had a stellar rally of a 2.618 times Wave 1 as shown
in Chart 1 & 3
The Key Support & Resistance for the Bank NIFTY are:
S – 19632/ 19380/ 19032 / 18888 / 18650/ 18154/ 17500
R -19830/ 20060 - 80 / 20176/ 20457
Trade Setup:
Setup 1:
Counts holds true until _ __ _ _ as
stop loss Bank NIFTY can be short sold on any rises from Current levels (19748)
using vital support and resistance zones for targets. The chart suggests a top
of Wave of primary degree and anticipated Wave 4 complex corrective trend might
emerge in BANK NIFTY.
Expected intermediate bottom near
17500 June 2nd Week 2015 and final bottom could be around September
2015 around 14800 – 15200 odd levels expected to retrace 50% of Wave 3
Setup 2:
In case, if counts gets invalid,
Bull traders can setup trade once Bank NIFTY closes above _ _ _ _ _ with _ _ _ _ _ stop loss of initial targets of _ _ _ _ _. Above _ _ _ _ _ Bank
NIFTY can have potential targets of _ _ _ _ _ levels.
Raju V Angadi
Equity Research Analyst
Note: Short Term counts and key levels have been hidden purposefully.
To Learn simplified objective approach applying Advanced concepts of Elliot Wave Theory in conjunction with Dow Theory
& Psychological traits to trade with some common sense & optimize
your investment / trading decisions contact on:
rvangadi@googlemail.com (OR) +91 78291 55900
Note: This report is for educational purpose and the specific levels have not been mentioned.
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