Bank Nifty EOD Update Mar 22

Bank Nifty opened 200 points Gap down and further corrected making low of 20757. So start of new major solar cycle gave impulsive move.

Daily chart shows Bank Nifty closed just below lower line of channel and further correction to 20400 level is possible if it does not enter channel again. Also it is just below middle BB line, again a negative signal. RSI is near 54 and it may touch 50 before any up move or if it cross 50 level then further downside is on the card!

For last few days I am mentioning that day close above 21100(3 digit Gann No) is bullish for Bank Nifty and day close below 21100 may push Bank Nifty to lower levels. Yesterday it closed below 21100 and today fell more than 250 points. So Gann levels play very important role as support/resistance.

Today it opened Gap down at 20815 near Gann no of 20819(5 digit Gann No).

Tomorrow above 20805, target is 20900/21000. Below 20757, target is 20660/20565

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DAX analysis for a client

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Bank Nifty Bigger Time Frame Analysis

I have posted following weekly chart of Bank Nifty in my Dec 15 post. This chart shows similarity in patterns. The pattern started in Aug 2013 and completed in Oct 2016 as shown below: This is "Extracting Triangle Pattern" as per Advanced Elliott Wave (Neo Wave). Ongoing pattern looks similar to Extracting Triangle Pattern and as per this pattern wave D seems to be in progress. After completion of wave D, index will move towards upward channel line(RED) in wave E. Once the pattern gets completed, we should expect index to go below wave D. I am just aware about Neo wave patterns but do not have knowledge about its calculations/counts. In Extracting Triangle pattern, each successive wave in the direction of trend contracts while corrective waves expand (wave A< wave C < wave E, wave D > wave B) It looks similar to Head & Shoulder pattern So possibility of Down move is quite high post Jan 2017.

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