Bank Nifty chart update

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Bank Nifty Daily chart:

Bank Nifty 15min Chart:

Bank Nifty minute chart:

Elliot wave prespective:

In my last Bank Nifty update buy was suggested at 11460-11350 band. Nifty bounced continuously till it got resisted at 12250  

Attached are daily , 15min and 1 min chart of bank nifty. from the lows of 11400.

 If the current rally is 5-3-5 zig-zag correction then it targets are 

• 61.8% retracment level of 12960-11400 fall  = 12360 
• If A=C then target will be 12400 

As per minute chart target target of 5 come around 12100(.38) , 12158(.50) & 12213(.618).

If Current rally is impulsive in nature, keeping in mind third wave is strongest it can target 1.618 times of wave 1->2 i.e 12900. 

Traditional Analysis:

12080 zone will act as stiff resistance in case of up move which is also very close to 38.2% target of wave 5. Above which it can again target neckline resistance 12230-50 again closer to 61.8% target of 12220.

Combining Elliot wave and traditional analysis it can be concluded that short term Bank Nifty target are 12080, 12220 and 12360. 

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