Last Weekly we gave Chopad level Bank Nifty 10256 and achieved 1 target downside levels.Bank Nifty has been trading in small range in last week, Coming week is data heavy week with both CPI,WPI and IIP data coming. So Bank Nifty will show good technical move in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts is trading above its 50HSMA,and also near its lower end of downtrending channel, Holding 10200 strong bounceback can be seen, Unable to hold the same 9800-9500 levels can be seen.
Bank Nifty Daily
Bank Nifty on daily chart is near its trendline support . Breaking the same Bank nifty can go down all the way upto 9500.Holding the same bounceback can be seen till 10500-10800 odd levels.Positive divergence is also visible on daily charts.
Bank Nifty Fibonacci fan is near its Fibo Fan support level as seen in above chart.
Fibo Retracement also signalling support @10200 and resistance at 10850.
Bank Nifty Weekly
Bank Nifty is trading near its trendline support which if not broken is bullish in short term. Breakdown below 10200 for target of 9600-9400 in short term.Bounce back only on close above 10250 for 10500-10800
Bank Nifty Monthly
Bank Nifty has fallen 10% in the month of Jan. 9833 is strong support on Monthly charts.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:10321
Bank Nifty Resistance:10496,10626,10785
Bank Nifty Support:10180,10000,9846
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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