Bank Nifty Weekly Analysis

By | February 10, 2013

Bank Nifty has been outperforming Nifty on downside also  with fall of 326 points last week.With economy slowing down Bank will be the first to bear the brunt of slow down. Next week will keep financials in focus as December IIP data on Tuesday and January wholesale price index (WPI) inflation figure on Thursday will give further clues whether RBI will go ahead with more rate cuts or keep interest on hold till inflation comes down more.

 

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty has been trading in an down trending channel after breaking its 50 HSMA on 1 Feb, as shown in above chart, has been trending down till friday. Bank Nifty has hit the channel bottom and bounce back till 12525  can be expected looking at oversold Hourly charts.

 

Bank Nifty Daily

Bank Nifty

Bank Nifty also broke its short term trend line support at 12390 and closed below it.Unable to cross 12390 for 3 trading days can sell fall in bank nifty till 11750 odd levels in 2 week time frame, mostly before budget. SBI holds key when it comes out with its results on 14 Feb.

 

Bank Nifty Fibo Fans

Bank FF

Fibo Fans has been applied on Bank Nifty weekly charts and its show 12190 emerging as support,which can give some short term pullback.Sustainability of pullback will still be questionable?

Bank Nifty Fibo Retracement

Bank Nifty Fibo

Looking at Fibo Retracement it seems Bank Nifty is lagging with Nifty, As i discussed in Nifty weekly analysis Nifty was consolidating in 100-78.6% retracement and once 78.6 broken nifty went and took support at exact 61.8% retracement, Bank Nifty also doing the same trading between 12960-12245, Break of 12240 will lead to 11752 which is the golden ratio 61.8% retracement.

 

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty weekly charts has been trading in an uptrending channel taking resistance at 12960 and started falling down, 12046 can provide intermediate support below 12245. Pullback above 12364 for a move till 12500 .

 

Bank Nifty Monthly

Bank Nifty MonthlyMonthly charts are forming a bearish engulfing pattern, Support come in region of 12046-12055,Negative divergence has started showing there effect  on Bank Nifty.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:12310

Bank Nifty Resistance:12410,12510 and 12590

Bank Nifty Support:12200,12110 and 12045

Levels mentioned are Bank Nifty Spot

Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl

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2 thoughts on “Bank Nifty Weekly Analysis

  1. Bramesh Post author

    Dear Saurabh,

    I have discussed IVRCL analysis in latest post. Hope it helps

    Rgds,
    Bramesh

  2. saurabh

    Dear sir,

    Can u please put some light on infrastructure sector stocks like NBCC and IVRCL infra…they too have been on a decline with sensex.

    Regards

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