Bank Nifty has been also working in line with Nifty around 200 day SMA but interesting part on this was that it has been completely below the average for last 10 trading sessions. Strong earnings on ICICI Bank and Axis Bank didn't lead up the sector which shows that how strongly 200 day SMA is working as resistance. Now analyzing further move with Elliot wave then we have initiated our move on Wave C since the high point at 36718 and this move could end near to 33470 which is arrived by calculating it equally to Wave A from 38759-35511.
P.S. Stop loss can be kept at 36950 which is 200 days SMA while reward is 2500+ points.
P.S. Stop loss can be kept at 36950 which is 200 days SMA while reward is 2500+ points.
