A Breakout in HDFC can take Bank Nifty to one more High? July 24
Updated
3rd July, 2024: Bank Nifty Elliott Wave Analysis
The impulse that started on June 4th after the election day crash is still ongoing and progressing through waves 1, 2, 3, 4, and 5.
Bank Nifty has completed waves 1, 2, and 3, and currently, we are in wave 4 (at present, we're not considering further extension scenarios of wave 3).
HDFC Bank & Bank Nifty:
HDFC Bank has a 28.38% weightage in the Bank Nifty index, and currently, HDFC is standing at a multi-year breakout level.
We shared the HDFC Bank analysis a few weeks ago; please check the link below.
[Link to HDFC Bank Analysis]
Buy Entry Points:
Wait for a good dip near the 51600-51800 range and check if the price forms a W pattern and gives a breakout above the TS, KS & Cloud in Ichimoku.
Exit Points:
We have to wait for the wave 4 low point to determine the wave 5 target. We will update the status here.
Stop Loss:
100-150 points below the wave 4 low point. We will update once we get confirmation.
The risk-to-reward ratio will be great because wave 5 is expected to cross 53K.
Note: This trade is not active yet. Confirmation is always good for entry and exit.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
The impulse that started on June 4th after the election day crash is still ongoing and progressing through waves 1, 2, 3, 4, and 5.
Bank Nifty has completed waves 1, 2, and 3, and currently, we are in wave 4 (at present, we're not considering further extension scenarios of wave 3).
HDFC Bank & Bank Nifty:
HDFC Bank has a 28.38% weightage in the Bank Nifty index, and currently, HDFC is standing at a multi-year breakout level.
We shared the HDFC Bank analysis a few weeks ago; please check the link below.
[Link to HDFC Bank Analysis]
Buy Entry Points:
Wait for a good dip near the 51600-51800 range and check if the price forms a W pattern and gives a breakout above the TS, KS & Cloud in Ichimoku.
Exit Points:
We have to wait for the wave 4 low point to determine the wave 5 target. We will update the status here.
Stop Loss:
100-150 points below the wave 4 low point. We will update once we get confirmation.
The risk-to-reward ratio will be great because wave 5 is expected to cross 53K.
Note: This trade is not active yet. Confirmation is always good for entry and exit.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Note
Bank Nifty has hit a new ATH. More than 1000 points.
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