Bank Nifty Weekly Technical Analysis

By | May 12, 2013

Last Week we gave Bank Nifty Trend Deciding level as 12363 and it did 1 target on downside and achieved all upside targets.

As discussed in Nifty Weekly Analysis, Nifty gave a breakout but Bank Nifty will give only above 12800, So lets discuss how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty has been facing resistance at  12783 odd levels and formed multiple resistance in that line also forming an triangle formation which will breakout above 12800, failing to do so pullback till 12300 can be seen.

 

Bank Nifty Daily

Bank Nifty Daily

Bank Nifty has broken the up trending channel and took support at upper gap area of 12363,bounced back sharply to upper end of trading range at 12783 but unable to break the same.Breakout of range comes above 12800 with an eventual target of 13050.

Bank Nifty Fibo Fans

Bank NIfty FF

Fibo Fans has been applied on Bank Nifty weekly charts and its show 12780  emerging as resistance,BN made high of 12783 and pulled back 3 times  🙂 Support at per Fibo Fans comes at 12300.

Bank Nifty Fibo Retracement

Bank NIfty FR

78.6% retracement of current upmove from 7732-13300 comes at 12100 any pullback 12100 should act as strong support . Breakout above 12800 gives target of 12960 and 13100.

 

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty on WoW basis was up by 350 points,but unable to cross the resistance of 12780. As Nifty has given breakout Bank Nifty can folllow the suit. 12960 is the all important resistance above 12800. Weekly closing above 12960 will make way clear of 13300.

 

Bank Nifty Monthly

Bank Nifty Monthly

Monthly charts are approaching the long term trendline and made another attempt to touch the trendline @12783 .Higher time frame breakout are very strong signal so if we close above 12960 on Monthly basis its a bullish sign.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:12800

Bank Nifty Resistance:12960,13160 and 13300

Bank Nifty Support:12700,12574 and 12365

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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