Last Week we gave the Trend Deciding level as 9456 and Bank Nifty achieved all target on downside Cool 650 points on downside.Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty on hourly chart is finding resistance at 50 HSMA,Close above the 50 HSMA@ 9066 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 9196. 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 9456
Bank Nifty Fibo Retracement
Bank Nifty has taken support at 78.6% retracement at 8931 and bounced back. Holding the same bounceback till 9456 can be seen,Unable to hold the 8931 BN can fall till 8300 odd levels.
Bank Nifty Weekly
Bank Nifty on WoW basis was down by 421 points and closed @9049,Nifty has closed flat but Bank Nifty has closed down 4%,so lot of under performance by Bank Nifty. Good news is Bank Nifty is holding the Weekly down trending support line suggesting buying at lower levels.Formation of lower lows are still in effect.
Bank Nifty Monthly
Monthly charts has bounced exactly from the monthly support area as shown in above chart. Holding 8860 bounce back to continue.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:9066
Bank Nifty Resistance:9196,9326,9456 and 9586
Bank Nifty Support:8936,8806,8676 and 8546
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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