Last Week we gave the Trend Deciding level as 9066 and Bank Nifty achieved 2 target on downside and did all target on upside but with a gap up which was not tradeable 🙂 .Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty on hourly chart is finding resistance at 50 HSMA, and also downward falling trend-line Close above the 50 HSMA@ 10000 on hourly basis will add more bullishness in Bank Nifty.
Bank Nifty Daily
Bank Nifty is trading in a perfect down trending channel as shown in below chart. Bank Nifty has been rallying after forming a bullish candlestick pattern on daily chart. Its approaching the higher end of down trending channel as shown in below chart 10200. Any close above it will be an bullish indicator in short term.
Bank Nifty Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts and is near the resistance of 10000
Bank Nifty Fibo Retracement
Bank Nifty has taken support at 78.6% retracement at 8931 and bounced back towards 61.8%, 2 days close above 10000 can see Bank nifty towards 10500 odd levels.
Bank Nifty Weekly
Bank Nifty on WoW basis was up by 921 points and closed @9961 forming a Bullish engulfing pattern. Bank Nifty was holding the Weekly down trending support line from past 3 week suggesting informed buying at lower levels.Formation of lower lows has been nullified.
Bank Nifty Monthly
Monthly charts has bounced exactly from the monthly support area as shown in above chart. Holding 10000 bounce back to continue.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:9976
Bank Nifty Resistance:10106,10236,10366 and 10496
Bank Nifty Support:9846,9716,9586 and 9456
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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