Friday, September 07, 2012

Banknifty - Elliott Wave Update

Daily Chart
Similar to Nifty I have been talking about the support zone for Banknifty of 9900-9675. Yesterday we tested that level, and today we have rejected it, with a strong gap up. The indicators are poised for an up move. The count so far is that of an impulse, and right now we are embarking on wave III of {C}. 
But to achieve this we will need stellar performance from all banks, public private alike. ICICI, HDFC, SBIN should take the lead, and show the way to other peers. A broad based rally of all the sectors in the market would really help.

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