Nifty Private Bank Index

Bank nifty has not always given the clearest picture on the long term wave count because it has a small number of stocks. Also because of the divergence between private banks and public sector banks. I hvae discussed the PSU bank index recently now let us see what the private sector bank index maybe doing. The index like many others may have complete wave 4 circle long term at the March 2020 bottom. The structure the 4th wave is an expanded flat. The index is at 13500 and can go to above 30000 if it carries to the top end of the long term channel. The 5th wvae has to complete 5 waves and that should guid our view on the index.