Bank Nifty Analysis using Ichimoku cloud & Elliott Wave
Nov 08, 2021
Like this Article? Share it with your friends!
Check out this short term Bank Nifty analysis using wave theory and Ichimoku cloud.
Today morning we published Bank Nifty analysis in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day. Check out below the detailed research report that we published.
Bank Nifty 60 mins chart (as of 3rd November 2021):
Bank Nifty 60 mins chart (as of 3rd November 2021):
Wave analysis:
Bank Nifty continues to trade with high volatility in the last week. From the highs of 41950 levels, prices are now trading at 39600 levels. Looking at the entire price action, there is high likelihood that we are going to witnessed sell on rise trend.
On the weekly chart, Bank Nifty formed an inside candle indicating consolidation or a pause in the short term trend. Prices can continue to trade in a range until the range of the previous week’s high or low is not decisively broken.
On the daily chart, we can see that recently prices reverted back to its mean of 35 EMA after testing the channel resistance. Prices seem to have taken support near this average as of now. Let us see if this holds over the short term and prices move higher over the short term. Any close below this EMA can start weakness in this index.
On 60 mins chart, prices may have completed wave g on the upside. It is now back below channel resistance which is likely to provide a hurdle over the near term. A break above 40500 is a must to see further gains whereas a break back below 39000 levels can add to further selling pressure towards the lower end of the channel.
Currently prices are trading below the Ichimoku cloud on the hourly time frame indicating that the cloud can act as a resistance on the upside . As long as the support trendline holds below the short term bias is will remain sideways.
So, what is next from here for Nifty, Bank Nifty, and stocks? Get access to our Advisory calls and get free research along with it. Check here
I will be teaching timing tools using Hurst and Gann time theory over the period of 3 months of Mentorship starting from 20th November. If you want to be a part of this exclusive group simply register here or WhatsApp on +919920422202