Thursday, August 2, 2018

Bank Nifty: Is it completing its final up leg?

BANK Nifty has shown strong rise from the lows of 24000 till 27900 levels. With RBI rate hike we are witnessing a pause in its ongoing rally. Or is it just a coincidence? Now everyone will talk about market corrects post RBI policy but the overall pattern was nearing completion anyways.
Below is the chart which shows how we were able to capture the entire move from 24000 using techniques like Elliot wave, Moving averages.  This was published in Monthly research report.
Bank Nifty daily chart – Anticipated on 7th April 2018

Bank Nifty daily chart – Happened so far

Below is the extract taken from The Financial Waves Monthly Update published on 7th April 2018
Anticipated – We continue to look at the entire move as a Diametric pattern and wave f might be completed at the lows. We can start seeing wave g on upside that can take prices towards 26000 levels or higher. PSU Banking stocks like Bank of Baroda, SBI, Canara Bank that were leading the down move have started showing some bottoming formation and managed to form higher highs and higher lows on daily scale. For Bank Nifty, on downside 24100 is an important support which is also the Gap area created on 5th April. So as long as this Gap remains protected we will stay with the current outlook that wave f is over and wave g has started on upside.
Happened: Bank Nifty moved higher from the lows of 24000 and crossed above 27500 in the form of wave g. This has helped in capturing a move of more than 3500 points on this index. We are again at the juncture where there is possibility of a big trending move but in opposite direction. So what is next?
Based on above research our clients were able to capture the ride on early stages. Subscribe to “The Financial Waves monthly update” and “The Financial Waves Short term update” to see why we have arrived at crucial juncture and the pattern looks near completion. It is time to pull the trigger as soon as support levels break. You cannot afford to miss the next big trend. Get access here

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