Bank Nifty Weekly Technical Analysis

By | September 29, 2013

Bank Nifty will likely take cues from  June quarter current account deficit and will remain volatile tomorrow.The RBI will release the June quarter current account deficit tomorrow. Government aims to contain current account 3.7 per cent of GDP for the entire fiscal.

Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty on hourly chart  has now taken support at 9900, Any break below the chopad level of 9846 can lead to correction till 9550 odd levels.

Bank Nifty Daily

Bank Nifty on daily chart is forming a Descending Broadening Wedge pattern, For complete formation of pattern Bank Nifty should move down back to last swing low  8366 odd levels and make another lower low before moving upwards.. This target looks scary but thats the minimum requirement for Descending Broadening Wedge pattern. The pattern gets invalidated on close above 11200.

Bank Nifty Daily

Bank Nifty Fibo Fans

Bank NIfty FF

Fibo Fans has been applied on Bank Nifty weekly charts and again was resisted at higher end of Fibo fan@10131.Any break below 9850 will lead to further downside till 9456-9326 odd levels.

 Bank Nifty Fibo Retracement

Bank NIfty FR

Bank Nifty will take resistance  at 38.2%  retracement  at 11200  and support at 61.8 % 9889 as shown in above chart.

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty on WoW basis was down  by 787 points and closed  @9900 Bank Nifty is stuck in trendline crossover region unable to cross the upper end Bears will try to push bank nifty to lower end of the trendline crossover.

Bank Nifty Monthly

Bank Nifty Monthly

Negative divergence in the monthly oscillators also means that there is lack of momentum over the long-term time frame.Fibo arcs  are drawn on Monthly chart as shown on above. Interesting week ahead as per above chart.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:9846

Bank Nifty Resistance:10106,10366,11496

Bank Nifty Support:9717,9456,9196

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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