Predictions about Nifty and Bank Nifty by Share Analysis Software
I am giving my prediction about Nifty and Bank Nifty. Read it and try to understand. Of course, I may be wrong but that is at a certain condition. So take note of those conditions also.
Nifty
Today Nifty is in risk buy. This means if tomorrow Nifty closes above 21717, it will give a short-term buy signal and this will be the best buy. But if it closes below 21782, then it will be at risk sell. If it closes below 21778 it will give a long-term sell signal. So it seems that this is a confusing situation. We have to be careful and follow our intraday software with stop loss.
Bank Nifty
Bank Nifty has given a buy signal today but its long-term trend is still down. It has taken support on 200 DMA 3 times and today it has completed the 'W' pattern which is an upward reversal pattern. This pattern can take Bank Nifty to its all-time high and if it closes above it for 3 consecutive days, then it can go further up. This upward movement of Bank Nifty will help Nifty to go up above its all-time high. But it must cross 48292 positively. Otherwise, the prediction will change.
Nifty Elliott Wave Analysis
I am counting the current wave as 1 of 5 and I have assumed that wave 3 of 1 of 5 has ended at 22126 which is an all-time high. Currently wave 4 of 1 of 5 is going on which is a downward correction wave. Considering the same amplitude of 2 of 1 of 5, I have predicted the end of 4 of 1 of 5 will be 20067. If can be less or than 20067. This counting will go wrong if Nifty crosses 22126 and closes above that for 3 consecutive days.
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Nitin Shripad Joshi
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