Bank NIFTY Near term Outlook - Follow Up

Bank NIFTY has cracked from 20000 odd levels towards 18600 almost 8% (in 2 weeks) approaching near support zone. Its is advisable to close short positions at these levels for near term which was recommended in previous post (http://swing-research.blogspot.in/2015/03/bank-nifty-medium-term-outlook.html).

Daily Chart

The Key Support & Resistance levels Bank NIFTY for the near term are as follows:

S - 18600/ 18478/ 18220/ 18030 - 50
R - 18820/ 19025/ 19180/ 19505

Trade Setup:

Setup 1:  

Trend traders can sell Bank NIFTY below 18600 with stop loss of 18830 for targets 18250 - 18100 levels. 

Setup 2:

Counter trend traders can chance by taking long positions around current levels (18600) with 18480 strict stop loss for targets of 18820/19030

18600 below 18050 can be tested in Bankex, where Buying can be done with 17800 as stop loss.

Expected intermediate bottom near 17500 June 2^nd Week 2015 and final bottom could be around September 2015 around 14800 – 15200 odd levels expected to retrace 50% of Wave 3

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. 

Bank NIFTY - Medium Term Outlook (Update 8th March 2015) - Bang on !!!

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

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 2^nd 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.