Bank Nifty Bang On using Neo Wave and Ichimoku Cloud

bank nifty elliott wave ichimoku cloud Apr 05, 2023
Bank Nifty using Neo Wave and Ichimoku Cloud

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Banknifty and Nifty showed a very good rally over past few days but this was completely predictable. Elliott wave is a GPS of the market and we are applying it on Bank nifty as shown below.

We published the following research on 3rd April, 2023 (pre-market) in – The Financial Waves short term update.

Bank Nifty Daily Chart as on 3rd April 2023

Bank Nifty 60 mins chart as on 3rd April 2023

Wave analysis as on 3rd April 2023:

In the previous session, Bank Nifty opened with a gap up of more than 200 points. During the day also index showed an exceptionally well rally. At the end of the day, Bank Nifty settled with a gain of 1.75%. On the daily chart, we have used Bollinger Bands. Wherein, prices have given a close above mid band. Now with follow up buying we can see a good rise. Prices are looks to be retesting channel.

On the hourly chart, after a sharp rally now one can use dips towards the conversion line i.e. towards 40180 can be used as a buying opportunity. It looks like buy on dips would be a good strategy to ride the trend. Also, a movement was sharp so, RSI is trading near the overbought zone. In such scenarios, one should avoid catching tops and should use dips as a buying opportunity. As per wave perspective, wave (g) has completed on the downside in form of Diametric pattern and next leg is unfolding on the upside.

In short, Bank Nifty looks sideways to positive. Use dips as a buying opportunity for a move towards 41000 as long as 39900 holds on the downside.


Bank Nifty moved up as expected and achieved our Target of 41000. The overall trend still remains buy on dips.

This clearly shows that by combining price action and indicators one can easily identify wave patterns which can help to derive trend.

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