Last Week We gave the Bank Nifty Weekly Trend changer level as 10756 Bank Nifty did 2 target on upside.
Next week is quiet crucial for Bank Nifty as we have RBI Policy, FOMC meeting and F&O expiry all 3 lined up in next 4 days. Bank Nifty being an high beta instrument will rise and fall sharply based on the outcome of events so trade very cautiously and with strict stop loss.
Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty Daily
Bank Nifty on daily chart has formed a series of DOJI candlestick pattern and broken above its descending broadening wedge pattern. Now Strong support exits at the top of wedge pattern at 10500 and lower end of wedge at 10350. Resistance on upper end exits at 11400, So 10350 to 11400 is the broad range for Bank Nifty for coming week.
Bank Nifty Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts and bank nifty closed at the upper end of fibo fan,Again Fibo Fan also show the resistance at 11300-11400 area.
Bank Nifty Weekly
Bank Nifty on WoW basis was up by 151 points and closed @10900 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
Monthly charts are trading near the monthly downward falling trendline, Till date Bank Nifty is up by 13.3% or huge 1278 point.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:10900
Bank Nifty Resistance:11016,11146,11276 and 11406
Bank Nifty Support:10756,10626,10496 and 10366
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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