Bank Nifty rides on Raghuram Rajan, Weekly Analysis

By | September 8, 2013

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 ūüôā¬† .Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

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 Daily

Bank Nifty Fibo Fans

Bank NIfty FF

Fibo Fans has been applied on Bank Nifty weekly charts and is near the resistance of 10000

 Bank Nifty Fibo Retracement

Bank NIfty FR

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 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

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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