Bank Nifty–Analysis 1.2.2015

Last day of the week, we had ferocious fall in BN. So this leads us to take bearish view as well along with a strong bullish view.

 

Firstly on a Bullish view –


START END
W1 18212 18864
W2 18864 18518
W3.i 18518 19410
W3.ii 19410 19108
W3.iii 19108 20168
W3.iv 20168 19967
W3.v 19967 20908
W4 20908 19640*
W5 19640* 21068*

 

Wave 3 is over at 20908 and 4 is underway. Should complete around 19640 on Monday. Then after 5 should start for 21068 and may take ending diagonal pattern.

 

Secondly on a Bearing view –

Looking at ferocity of fall on Friday, it is useful to consider a bearish view as below.


START END
W1 18212 18864
W2 18864 18518
W3 18518 19410
W4 19410 19108
W5 19108 20908

 

As per this view, Top is made at 20908. Also it should move past 18212 in coming days in a faster time.

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