Bank Nifty Weekly Technical Analysis for August derivatives expiry

By | August 25, 2013

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty on hourly chart  is trading in a perfect down trending channel. close above  of 9846 on hourly basis the relief rally can start else we can going sub 9400 levels.

Bank Nifty Daily

Bank Nifty is trading at multi year low and has broken each and every support on downside.Technical chart have been totally decimated and all relief rallies are getting sold into. Only good news for Bulls is Bank Nifty is trying to maintain the lower end of down trending channel as shown in below chart. Holding the same for next 2 days moving above Bank Nifty choapd levels relief rally can be seen.

Bank Nifty Daily

Bank Nifty Fibo Fans

Bank NIfty FF

Fibo Fans has been applied on Bank Nifty weekly charts and is near the resistance of 9716.

 Bank Nifty Fibo Retracement

Bank NIfty FR

Bank Nifty has taken support at 78.6%  retracement  at 8860 and bounced back. Holding the same bounceback till 9889 can be seen,Unable to hold the 8860 BN can fall till 8000 odd levels.

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty on WoW basis was up by 19 points and closed  @9470, Bank Nifty has formed a DOJI candlestick formation on weekly charts suggesting pause in current downtrend.

Bank Nifty Monthly

Bank Nifty Monthly

Monthly charts has bounced exactly from the monthly support area as shown in above chart. HOlding 8860 bounceback to continue.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:9456

Bank Nifty Resistance:9586,9716 and 9976

Bank Nifty Support:9326,9066,8806

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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