RBI maintained “Status Quo” in the RBI policy, Weekly Trend Deciding level of 10336 achieved the third target on downside Cool 377 Points pocked by positional traders in matter 3 days as trade was over on Wednesday :). Bank Nifty Technical are shaping out and are we seeing a relief rally chances? The stock market remains closed on Friday, 9 August 2013, on account of Ramzan Id.
Bank Nifty Hourly
Bank Nifty on hourly chart is trading in a perfect down trending channel. Holding the low of 9863 and the relief rally can start.
Bank Nifty Daily
Bank Nifty is trading at 12 month 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 and also double bottom formed at 9863 has not been broken. Holding the same for next 2 days we can see relief rally.
Bank Nifty Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts Bank Nifty broke 2X8 line of Fibo fans,If unable to close above 10700 in coming week Bank Nifty can go as low of 9960 as per Fibo Fans. The beauty of Fibo Fans target achieved below 10700 🙂
Bank Nifty Fibo Retracement
Bank Nifty closed near the golden ratio of 61.8% looks very important next week. If holds then possible bounce back, else may fall to next level 78.6% or 8975 as shown on chart.
Bank Nifty Weekly
Bank Nifty on WoW basis was down by 467 points and closed tad below 10000 @9997, Bank Nifty is entering the demand zone as shown in above chart. Trades carrying short can book in this range and aggressive traders can go long with a strict stoploss of 9850 on closing basis.
Bank Nifty Monthly
Monthly charts are also entering the demand zone/support area. Higher time frame near support area signify holding 9850 on closing basis 300-400 points rally can turn up in coming week.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:10105
Bank Nifty Resistance:10210,10336 and 10450
Bank Nifty Support:9863,9750,9515
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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