BankNifty - LongTerm / ShortTerm Outlook (Time Cycles)

Long Term Outlook

We picked time cycle tool available in drawing tools & tried getting dominant lows & highs. Over the process we realised that 18 Week cycle is dominant & running for Bank Nifty Index giving us important lows & highs.
Next low could be due in middle of the Oct 2022 which could be shifted to close to Nov 2022 if current high holds at 39759 which was identified as the recent high


Cycle Analysis
Cycles are always measured from low to low only but at times we can break that rule for analysis purpose & we can even take low to high but these won't be termed as cycles because cycles are always low to low.

In Cyclical Analysis
Low = Trough
High= Crest


Short Term Outlook
We identified an ending diagonal which marks the end of the trend & usually occurs later in the trend signifying that we could be close to the tops
Till the the high of 39759 is intact we assume that another wave is pending downside & have to review again if 39759 highs are taken out on upside.
On short term basis a parallel channel is used to get possible resistance zone which could be upper end of parallel channel close to 39300-39400 zone . If halts at the top then we may assume that fall may start or if Index fall below 38803 lows

Thank you for watching the video & have a nice weekend.

Comment:

Adnani Power Ananlysis published in March 2020

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