Bank Nifty has completed the corrective wave (4) at 31208.
After the climax of wave (4), we have seen an impulse phase with overlapping nature. According to Elliott's wave theory, 5th wave can become an ending diagonal.
I will update the intraday chart of the bank nifty soon.
In this 30min chart 37674-37627 is first support range. If BN will not bounce from this range and trades below 37627 then 37452-37346 is next support range. Overall BN may bounce from first OR second support range as mentioned. BN is negative only if trades below 37346 which is 61% retracement of recent impulse(36876-38107).
If wave iv is completed at 35661 then projection of wave v is coming at 36195-36526.
And in case Bank Nifty decline from here then
35702-35525 is support range.
Bank Nifty is negative only if trades below 35525.