Last Week We gave the Bank Nifty Weekly Trend changer level as 9846 Bank Nifty did 1 target on downside and 2 target on upside in volatile week.
Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty on hourly chart is trading in symmetrical triangle with support at 10197.
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 Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts and bank nifty closed at the upper end of fibo fan,Any close above 10329 Bank nifty will move till 10686 in coming week.
Bank Nifty Fibo Retracement
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 on WoW basis was up by 297 points and closed @10197 Bank Nifty is stuck in trendline crossover region unable to cross the upper end Bulls will make one more attempt next week.
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:10236
Bank Nifty Resistance:10366,10626,10886
Bank Nifty Support:9976,9716,9456
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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