Elliott Wave Analysis of Bank Nifty by Vinod Sharma July 19, 2020

Elliott Wave Analysis Report of Bank Nifty for 20 July 2020

Bank Nifty opened flat at 21608, register low 21550 and bounce back again by more than 500 points to register
day’s high 22065 and finally closed 369 points up at 21966.

Friday, 21491-21778 was immediate resistance range and 21778 was immediate upside breakeven point.
Staying above 21778 for more than 15 minute could result in further bounce towards 22300-23000 again. On
downside, 21554-21481 was immediate support.

Bank Nifty broke 21778 after opening and registered high 21844.Later 21669-21575 was updated as immediate
support and Bank Nifty was expected to bounce towards 21844-22300 from support. Bank Nifty entered in
support and bounced till 22065. Now, let’s have a fresh look at latest charts for further scenario.

This analysis report is covering decline started from all time high 32613 which I am analyzing independently in
my last analysis report Bank Nifty Analysis, Outlook and Important levels on All Time Frame Charts

This is Daily time bar chart of Bank Nifty covering decline after all time high 32613 which I am analyzing
independently. There is no major change in wave counts on this chart.

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 Elliott Wave Analysis of Bank Nifty by Vinod Sharma July 19, 2020

It seems wave [1] completed at 30209, wave [2] may be completed at 31649 as big Irregular Correction, wave
[3] may be completed at 21351, wave [4] may be completed at 25670 and wave [5] may be completed at 16116.

This impulse completed from 32613-16116 can be wave [A] or ([C] of Irregular Correction).

From low 16116, It seems a corrective wave (ABC) may be completed from 16116-23080. 23%-38% retracement
of whole wave (C) is placed at 21669-20797 which is short term support and 20797 is short term downside
breakeven point. Bank Nifty if close a complete daily candle below 20797 can result in decline towards 17105-
16116 again.

Now, we need to analyze the decline started from high 23080 separately on lowest possible time frame to check
its pattern.

This is 15 minute time bar chart of Bank Nifty covering decline after 23080 which I am analyzing independently.

It seems downside impulse completed from 23080-21027 with wave (1) may completed at 22502, wave (2) may
be completed at 22994, wave (3) may be completed at 21228, wave (4) may be completed at 21934 and wave
(5) may be completed at 21027.

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 Elliott Wave Analysis of Bank Nifty by Vinod Sharma July 19, 2020

This downside impulse can be wave (a or 1) and 38%-61% retracement of impulse is placed at 21811-22295. This
21811-22295 can act as resistance.

Now, we need to analyze the bounce started from low 21027 separately on lowest possible time frame to check
its pattern.

This is 05 minute time bar chart of Bank Nifty covering bounce after 21027 which I am analyzing independently.

It seems wave completed at 21323 may be wave [a or 1], wave [b or 2] may be completed at 21125 and wave [c
or 3] may be in progress.

Within wave [c or 3], it seems wave [1] may be completed at 21421, wave [2] may be completed at 21176, wave
[3] may be completed at 21836, wave [4] may be completed at 21555 and wave [5] may be in progress.

Wave [5] achieved minimum projection after breaks above 21994 whereas next 100% projection is placed at
22266 which may or may not be achieved.

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 Elliott Wave Analysis of Bank Nifty by Vinod Sharma July 19, 2020

23%-38% of progress of wave [c or 3] is placed at 21843-21705. So, 21843-21705 is very short term and 21705 is
downside breakeven point. Bank Nifty is in positive zone as long as trading above 21705 and can bounce
towards 22295 but break and stay below 21705 for more than 15 minutes can result in decline towards 21027
again.

23%-38% retracement of progress of wave (iii) of wave [5] of (c or 3) is placed at 21946-21873. This 21946-
21873 can also act as immediate support for 190-250 points bounce [38%-61% projection for wave (v)].

Conclusion and Outlook:-

For short/medium term, 21669-20797 is short term support and 20797 is short term downside breakeven point.
Bank Nifty is in positive zone for short term as long as trading above 20797. But Bank Nifty if close a complete
daily candle below 20797 can result in decline towards 17105-16116 again.

For very short term/Intraday, 21843-21705 is very short term support and 21705 is downside breakeven point.
Bank Nifty is in positive zone as long as trading above 21705 and has possibility of further bounce towards
22295-23000 in coming sessions.

But if Breaks and stay below 21705 for more than 15 minutes continuously can result in decline towards 21125-
21027.

21946-21873 can also act as immediate support for small bounce of 190-250 points.

Trading Strategy:

1. Bank Nifty can be bought if gets in 21843-21705 range using stoploss some points below 21705
expecting targets 22295-23000 in coming days.

2. Buying can also be done if Bank Nifty opens in 21943-21873 range with stoploss just below 21873 for
190-250 points bounce. This trade is only for those who like to trade for 150-250 points. This trade will
not be valid if Bank Nifty breaks above 22065.

3. We can think of selling after staying below 21705 for more than 15 minutes only.

Any other intraday trading opportunity will be updated during live market hours if we identify any.

Further, we will update about the formation of any important internal pattern or any change in
trend/pattern/important levels or fresh support/resistance/breakeven point during market hours by WhatsApp
Broadcast to all my “Bank Nifty Live Updates” subscribers.

Disclaimer: This analysis report is just for outlook, probabilities and expected markets behaviour based on my
personal Elliott Wave Analysis. Any trade based on these reports is solely your decision. I will not be
responsible for any trade, loss or profit.

Contact me:
Email: ewavinod@gmail.com
Call: 9596937929/7889586728s

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 Elliott Wave Analysis of Bank Nifty by Vinod Sharma July 19, 2020

WhatsApp: 9796033671
Website: www.ewanalyst.com

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