Bank Nifty Targets using Neo wave and Bollinger Bands
Oct 09, 2024
Elliott wave is the GPS of the market that helps to understand the overall maturity of the trend. Banknifty has been moving precisely as per neo wave count. Checkout this example of how we applied Bollinger Bands and Neo wave to identify this rise. Following research is picked up from daily Agni Bank Nifty report Bank Nifty Daily Anticipated as on 9th October 2024
Bank Nifty Hourly Anticipated as on 9th October 2024
Wave analysis anticipate as on 9th October 2024
Bank Nifty showed sharp decline post completion of wave (c) at the highs of 54467. We can see that entire wave (c) is retraced back in faster time as the starting point of wave c is broken in faster time that it took to form. We can see the break has happened much before 18th October 2024 that confirms that the overall uptrend is in danger and we might have entered into sell on rise market from medium term perspective.
Over short term, we can expect pullback from oversold condition but that is not necessary. Support on downside is near 50800 and breach below the same will be bearish for move to 50200 or lower. On upside break above 51300 will indicate completion of wave a at the lows and start of wave c on upside which can retrace a part of the fall.
In a nutshell, Bank Nifty is at crucial juncture. The medium-term trend looks to have reversed on downside whereas over short-term minor pullback is possible as long as 50800 remains intact on hourly closing basis. Break above 51300 to result into retracement to 51900 levels. Movement can start 15 to 20 minutes post RBI policy announcement.
Trading strategy (Spot): Short positions can be created below 50800 with 51000 as stoploss and target of 50450(One can book part profit near 50600-50650 and trail stoploss to cost). Long positions can be created above 51300 with stoploss of 51100 and target of 51500 levels.
Bank Nifty happened as on 9th October 2024
Happened: In today’s report we mentioned about possible short covering and Bank Nifty moved precisely as expected and prices showed sharp pullback on the upside after RBI kept repo rate unchanged at 6.50%. Bank Nifty breached important resistance of 51300 and achieved our target of 51500 and made high of 51707.
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