Last Weekly we gave Chopad level Bank Nifty 10321 and achieved 1 target downside levels.Bank Nifty has been trading in small range since last 2 week, coming week is So Bank Nifty will show good technical move in coming week.Vote-on-Account, or interim budget for 2014-2015, which the government will unveil during trading hours on Monday, 17 February 2014, will set the tone for the Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts is trading below its 50HSMA@10240 ,Closing above 10240 strong bounceback can be seen till 10500-10600, Unable to close above the same 9800-9500 levels can be seen.
Bank Nifty Daily
Bank Nifty on daily chart is near its trendline support with contraction in trading rang .Breakout comes above 10400 and breakdown below 10000, Breaking on downside the same Bank nifty can go down all the way upto 9500.Breakout on upsdie bounceback can be seen till 10600-10800 odd levels.
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 10000 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.Any close above 10400 will enter the Fibo Arc which will be bullish in short term.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:10221
Bank Nifty Resistance:10395,10550,10710
Bank Nifty Support:10070,9890,9720
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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