Weekly NEoWave Analysis of

Bank Nifty Cash

Date of Report – 02-11-2019
 Analysis of Monthly Wave Chart
NEoWave Logic -
1. The chart on top shows the larger picture where a
multi year pattern seems to be very near to its
conclusion. The larger pattern is Diametric pattern
forming wave [B] of an Irregular Flat. The
conclusion of wave [g] and [B] should start a
downward wave [C] that may fall till minimum of
17830 before end of September 2020.
2. The main characteristic of Diametric pattern is
similarity of time among at least five legs out of
seven. In case of Nifty cash, the wave [g] is the most
time consuming segment and it must complete in
near future to maintain time similarity.
3. The identification of pattern inside wave [g] of [B]
may give us more clues about completion of
Diametric. The lower chart is the zoomed portion
showing wave [g].
4. The price behaviour from the end of wave [f] follows
all the rules and allowed exceptions of Symmetrical
pattern (similarity of time, price and complexity
among different legs).
5. Based on the above, upward wave (I) seems to be
unfolding.
6. The wave (H) is a Normal Zigzag. Such Zigzag
cannot be retraced fully in less or equal time and may
retrace till 81%. The minimum target of 81% at
30710 has been achieved. The wave (I) may move up
further but seems difficult to take out all time high of
31783.60. Or, the wave (I) may move sideways. The
wave (I) is expected to conclude by December 2019.
7. The lower chart shows the best fit scenario. The cross
above 31785 will negate the shown expectations.
 Analysis of Weekly Wave Chart

1. A Contracting Triangle is expected inside wave (I). The completion of wave (I) will also complete wave [g] of a larger Diametric
pattern. Currently, the Indices seems to be in wave (c) of anticipated Contracting Triangle.
2. The pattern inside wave (c) lacks clarity. The only thing that can be mentioned is that the medium term trend is sideways to up. The
upper side is restricted around 30810 and lower side is possible till 28000. The Indices may spend whole of November month moving
in between 30810 and 28000.
3. The decisive cross above 30810 will negate the above expectations.
4. The analysis of Daily wave chart will help us to get more clarity about pattern inside wave (c), the same is on next page.
 Analysis of Daily Wave Chart

1. The wave (c) on the above chart also lacks clarity.

2. The short term trend is up with nearest resistance is around 30805 and nearest support is at 29980 and cross below it may trigger a fall
towards 29000. Whereas, the sustenance of 29980 and thereafter cross above 30805 will increase the probability of Indices moving
towards 31000.
 Conclusion
1. Short term – Short term – The Daily wave chart lacks clarity about short
term pattern. The important levels to watch during next few days are;
support of 29980 and resistance at 30805. The cross below 29980 may
trigger a fall towards 29000. Whereas, sustenance of 29980 may increase
the probability of Indices moving towards 31000.
2. Medium term – The trend of Indices is sideways. The up side is capped at
30810 and lower side is restricted around 28000. The Indices is expected
to remain sideways inside these two given levels. The expectation will
get negated on cross above 30810.
3. Longer term view – The Indices may be very near to completion of a
larger multi year up trending pattern which started from the lows of
March 2009. The breach of 26550 will confirm the completion of pattern.
The implication of pattern completion is a fall till 17500 levels before end
of year 2022. The cross above 31785 will negate the expected fall.
Thank you.

NEoWave Analyst – Nitin E.Bagde

Email address – nitin_in@hotmail.com