Bank Nifty corrects from Life Highs,Weekly Analysis

By | May 26, 2013

Last Week we gave Bank Nifty Trend Deciding level as 13355 ,stopped out on upside  and achieved all downside targets. Bank Nifty has made a fresh lifetime high of 13414 but was not sustainable on upside and gave way for profit booking as soon it start trading below our trend changer levels.

So lets discuss how to trade Bank Nifty in coming week as its an expiry week.

Bank Nifty Hourly

Bank Nifty HourlyBank Nifty is trading in perfect channel, took resistance at the higher end of channel and is now trading at the lower end of channel and near to its 200 HSMA@ 12700. Break below 200 HSMA can lead to further profit booking.

Bank Nifty Daily

Bank Nifty on daily chart pulled back from the top end of channel with negative divergence showing effect, broken both 13000 and 12800 on weekly basis suggesting bears are active. Now expect range bound session in big range of 12400-13400

Bank Nifty Daily

 

Bank Nifty Fibo Fans

Bank NIfty FF

Fibo Fans has been applied on Bank Nifty weekly charts unable to sustain the  3 channel for fibo channel and start giving pullback , Support is at 12300.

 Bank Nifty Fibo Retracement

Bank NIfty FR

As per Fibo theory 12384 is strong support

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty on WoW basis was down by 547 points and closed below 13000 after unable to cross above the weekly rising trendline. Negative divergence is very much visible on Weekly and monthly charts.

 

Bank Nifty Monthly

Bank Nifty Monthly

Monthly charts are approaching the long term trendline and was unable to cross.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:12922

Bank Nifty Resistance:13250,13400 and 13609

Bank Nifty Support:12600,12430 and 12220

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

We do discussion is Live market to update Nifty levels If you are interested you can LIKE the page to get Real Time Updates.

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