Nifty Bank Elliott Wave and Nifty Bank Prediction for today and week ahead :Will the Bulls Hold their Ground ?

In our latest examination of Bank Nifty, we’re here to provide you with a straightforward forecast and insights into the current pattern trends. Let’s dive right in.

Bank Nifty’s Recent Performance:

Recently, we observed Bank Nifty trading within a descending channel. This is significant because the channel’s lower boundary coincided with strong trading volume, suggesting a possible turning point and an opportunity for a rebound.

Bulls Make a Strong Comeback: True to this analysis, the bulls made a strong comeback near the channel’s lower boundary, resulting in a notable upward movement. This event underscores the effectiveness of Elliott Wave analysis, which relies on scientific calculations and logical reasoning.

Nifty Bank Elliott Wave analysis :

Looking Ahead to September 4th and Beyond

As of now, Bank Nifty is in the midst of an upward corrective wave labeled as (B). This correction consists of sub waves (a)-(b)-(c), or it could potentially extend to (a)-(b)-(c)-(d)-(e).

  • Sub wave (a) within wave (B) completed at 44980 on August 24, 2023.
  • Sub wave (b) within wave (B) reached its low point at 43830.75.
  • Currently, sub wave (c) within wave (B) is in progress, and it took support from the channel’s lower boundary.

Potential Resistance Zones: In the days ahead, the channel resistance may pose a minor hurdle around 44650. Beyond that, levels in the range of 45000-45200 become attainable targets.

Bank Nifty Option Chain Data Insights for current week :

Bank Nifty Options Cahin

Checking the Nifty Bank option data for the upcoming week:

  • we notice significant open interest (OI) at the 44000 Put option, signifying a potential support level.
  • Additionally, there’s substantial OI at the 44500 Call option, followed by the 45000 Call option, where potential resistance may emerge.
  • The Put-Call Ratio (PCR) currently stands at 1.15.

Nifty Bank Key Levels for the Week Ahead:

  • Pay close attention to astro levels intersecting with the EMA50 in the range of 44440-44465.
  • Sustaining above this level could signal the potential to overcome the next hurdle zone, which converges with the weekly high and POC (POWER OF CONTROL) 2 , around 44780-850.
  • For more key levels click : Here

Stay Informed: Keep an eye on the Bank Nifty’s evolving journey as we continue to provide timely updates and insights.

Disclaimer: The content provided is for informational purposes only and should not be construed as financial or investment advice. Always conduct your own research and consult with professionals before making any financial decisions.

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