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Nifty, Banknifty - Elliott Wave Analysis

|Includes:iShares S&P India Nifty Fifty Index ETF (INDY)

Banknifty Hourly Chart

This is an hourly chart of Banknifty, I had marked two possible scenarios on the chart in my last post. Prices have taken the bullish path and are rising since then. There are a couple of resistances to Banknifty, the range comes around 10710-80. Once through this, we may see accelerated rise in prices.

Below is the chart of Nifty. Here too we are following the bullish case, and right now are very close to an important resistance level, around 5350. Above this prices may rise rapidly, in wave [3] of III of {C}. But if we get resisted here, and start falling, we may go all the way down to 5030 levels, though I feel it is less likely. The preferred scenario is the one, where, we break out above 5350 and test at least 5630 on the up side.

Nifty Hourly Chart

Stocks: INDY