Bank Nifty’s All-Time High : Is the Bullish Trend Matured?

the focus is on Bank Nifty’s All-Time High near 45,905.85. This remarkable milestone has left investors wondering if there is still room for further growth or if the Bullish Trend is maturing. In this article, we will conduct an insightful analysis using Elliott Wave theory to gauge the potential future movements of Bank Nifty.

Understanding Bank Nifty’s All-Time High Journey through Elliott Waves

banknifty all time high day 2023

Looking at the daily chart, we observe that Bank Nifty is currently in last wave 5(v), having achieved its minimum target of 45,900. which we have clearly written in our previous post : Bank Nifty Tomorrow Prediction: 5th Wave Impulse 18th July 2023

Analyzing the 30-Minute Chart

Moving on to the 30-minute chart, we can see that there is still one leg of the up move pending. This indicates that there might be an attempt to test the 46,000 mark. However, it’s crucial for traders to exercise extreme caution during this phase. Wave 5 is often the last wave in an Elliott Wave cycle, and the trend can reverse at any moment in the upcoming days. As the wave nears completion, profit booking becomes a common occurrence.

banknifty 30 min chart 18 july 2023

Currently, the 200 Simple Moving Average (SMA) is positioned at 44,873, while the Point of Control (POC) and 50 SMA confluence level rest at 45,175. If the Bank Nifty moves upward for the last wave, we can expect a resistance zone ranging from 45,800 to 46,020. Once the fifth wave is complete, a larger corrective wave in the form of an abc pattern is anticipated. However, the projection of this wave will be determined once the completion of the fifth wave is confirmed.

The 15-Minute Chart Insights

On the 15-minute chart, we find Bank Nifty forming a triangle pattern. A breakout from this triangle would signal a potential surge towards the range of 45,800 to 46,000. Conversely, a breakdown from the triangle could lead to a decline towards the vicinity of 44,980 to 45,000, close to the 200 SMA and retest of the broke out channel.

banknifty 15 min chart 1 8july 2023

Conclusion: The Road Ahead for Bank Nifty

In conclusion, Bank Nifty’s recent all-time high near 45,905.85 has ignited curiosity about its future trajectory. With the help of Elliott Wave analysis, we discovered that the index is currently in wave 5(v) on the daily chart, having achieved its minimum target. The 30-minute chart suggests that one leg of the up move is still pending, with a possibility of testing 46,000.

As we proceed with the analysis, it’s essential to remember that the last wave is a critical phase where the trend tends to mature, often leading to profit booking. The 15-minute chart presents a triangle pattern, and a breakout from this formation may signal further upward movement, while a breakdown may lead to a temporary decline.

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you may also like to read detail article on GIFT Nifty

Disclaimer

The information provided in this article is for educational and informational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument, including Bank Nifty or any other securities. Trading and investing in financial markets involve risks, and individuals should conduct thorough research and seek advice from a qualified financial advisor before making any investment decisions. The author and the website hosting this article shall not be held responsible for any losses or damages arising from the use of the information provided herein. Always exercise due diligence and caution when dealing with financial markets.

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