Bank Nifty Weekly Analysis

By | October 20, 2013

Last Week We gave the Bank Nifty Weekly Trend changer level as 10626 Bank Nifty did 2 target on downside and 1 target on upside in volatile week, so traders were able to capture both up move and down move.

Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Daily

Bank Nifty on daily chart is forming a Descending Broadening Wedge pattern,the pattern gets invalidated on close above 10900, Pattern gets active one the red trendline is broken on closing basis around 10300 odd levels.

Bank Nifty Daily

Bank Nifty Fibo Fans

Bank NIfty FF

Fibo Fans has been applied on Bank Nifty weekly charts and bank nifty closed at the upper end of fibo fan,Any close above 10800 Bank nifty will move till 11200 in coming week.

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty on WoW basis was up by 122 points and closed  @10744 Bank Nifty is stuck in trendline crossover region unable to cross the upper end Bulls will make one more attempt next week failing to do so we will see fall all the way upto lower end of trendline.

Bank Nifty Monthly

Bank Nifty Monthly

Monthly charts are trading near the monthly downward falling trendline, Monthly closing is still far away.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:10756

Bank Nifty Resistance:10886,11016,11146

Bank Nifty Support:10496,10236,10106

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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