NIFTY PSU BANK Index continues to maintain bullish momentum within the larger impulsive structure. Current wave appears to be Wave (4) consolidation after a strong Wave (3) rally.
Key Levels to Watch
🔹 Immediate Support Zone: 8,500 – 8,300
🔹 Deeper Supports: 8,053 / 7,303 / 6,730
🔹 Resistance Zone (Wave 4 Top region): 8,921 – 9,177
🔹 Major Targets for Wave (5):
9,855 / 10,277 / 10,400 ➜ First upside zone
11,370 / 11,621 / 12,050+ ➜ Extended Wave (5) projection
View
📌 As long as 8,300 holds, expectation is for consolidation in the Wave (4) range followed by continuation towards Wave (5) rally targets.
📈 Bullish bias above 8,301 – ideally accumulating on dips near support levels.
📉 Negative sentiment only if price breaks below 8,053, which could extend correction lower.
Trading Plan
Buy on dips around 8,500–8,300
Targets: 8,921 / 9,177 / 9,855 / 10,277 / 10,400+
Invalidation: Below 8,053
Elliott Wave Count Summary
(1) Completed
(2) Completed
(3) Strong rally done
(4) Current retracement zone
(5) Next impulsive leg likely towards 10,400–12,000+
💬 This is a positional view based on Elliott Wave & channel structure. Adjust stops based on risk management.
👍 Like & Follow for more Elliott Wave analysis
https://in.tradingview.com/chart/CNXPSUBANK/QeuUJnfl-NIFTY-PSU-BANK-Elliott-Wave-View-1D/
No comments :
Post a Comment
Thanks for your Comment.
Arockia.