By Ewaves Journal | Technical & Elliott Wave Outlook
🔍 Introduction
In today’s analysis, we take a broader look at Bank Nifty’s long-term structure using Elliott Wave and channel-based projections. The index has shown remarkable strength, breaking past major resistance levels and continuing its bullish momentum. Let’s decode what the charts are indicating for the coming months.
📊 Current Market Snapshot
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Index: Bank Nifty
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Date: 1 November 2025
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LTP: 57,776
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Recent High: 58,577
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Key Resistance Broken: 57,630
Bank Nifty has successfully broken above 57,630, marking a significant bullish breakout. The structure continues to hold within a long-term rising parallel channel, suggesting that the uptrend remains intact.
🧭 Key Support Zones
The bullish bias remains valid as long as Bank Nifty holds above the following crucial supports:
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Immediate Supports: 54,225 / 54,134
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Major Supports: 48,034 / 32,144 / 16,116
As long as 54,225 holds, the trend remains constructive, and any dips towards this zone may act as a buying opportunity for positional traders.
🎯 Upside Targets (Wave Projection Levels)
Based on Elliott Wave extensions and Fibonacci projections, the potential upward targets for Bank Nifty are:
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63,900 – 64,000 Zone
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73,000 – 74,000 Zone
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83,000 – 84,000 Zone
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90,000 – 100,000+ Levels
These zones align with wave projections (3)-(5) shown in the chart and represent potential milestones for the next leg of the rally.
📈 Technical View
The RSI continues to show steady momentum, indicating sustained strength without major overbought divergence.
Price movement within the rising channel suggests a controlled and gradual uptrend, typical of a strong impulsive phase in Elliott Wave terms.
NOTE: Leading Diagonal is not considered a reliable pattern by me. However, there is still a possibility that it may form in the current structure.
🧩 Summary of Bank Nifty Outlook
| Aspect | View |
|---|---|
| Trend Direction | Bullish |
| Immediate Support | 54,225 / 54,134 |
| Major Support | 48,034 / 32,144 / 16,116 |
| Short-Term Resistance | 58,500 Zone |
| Next Target Zones | 64K → 73K → 83K → 90K → 100K+ |
| Bias | Positive as long as 54,134 holds |
🧠 Conclusion
Bank Nifty continues to showcase strong bullish structure backed by higher highs and higher lows on the daily chart.
As long as the support zones remain protected, traders and investors can expect the index to march towards 64K and above in the coming months.
The larger wave count hints at a multi-leg rally still in progress, with potential to reach new all-time highs beyond the 90K–100K zone.
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