RBI policy came but Bank Nifty still remained in trading range of 12600-12200. As discussed last week bank nifty was unable to close above the trendline resistance of 12540. Technically till 12540 is not crossed pullback till 12200 is very much on cards. This is what we discussed last week and Bank Nifty made high of 12571 and low of 12200 so we were able to catch the top and bottom of Bank Nifty 🙂
Bank Nifty Hourly
Bank Nifty hourly charts have pull backed from 12571 as discussed last week resistance at 12540. Bank Nifty has been trading in small range of 12200-12570.Breakout above 12600 and breakdown below 12200. Till this range is not broken better remain out of trade.
Bank Nifty Daily Chart
Bank Nifty crossed its long term trendline resistance of 12200 and closed above it on weekly basis, now 12200-12175 will become the support for Bank nifty as seen in last week fall. Resistance now comes at 12410.
Bank Nifty Fibo Fan Chart
As per Fibonacci Fan theory 12250 should be strong support any break below it can see a quick correction in range of 12000-11800. Closing and sustaining above it can make Bank Nifty move 12600-12800 odd levels.
Bank Nifty Weekly Chart
Weekly charts are quiet interesting Bank Nifty hitting the weekly trendline resistance of 12540 (It made high of 12571 and pullback till 12200). Breaking the same 12800-13000 on cards.Support at 12175-1200 unable to hold the same pullback till 12000 and 11800 is on cards.
Bank Nifty Monthly Chart
Monthly charts are showing huge negative divergence with trendline resistance at 12540 and it showed effect when bank nifty pullback last week till 12200. Breakout above 12600 can see Bank Nifty upto 12800-13000.
Bank Nifty trading levels for Week
Trend Deciding Level:12350
Resistance:12414,12490,12579 and 12670
All levels mentioned are Bank Nifty Spot