Last Week we gave Chopad level of 12851 and Bank Nifty did 2 target on downside.Inflation and IIP data both were disappointing leading to fall in Bank Nifty, initial 2 days but a quick recovery in last trading session helped Bank Nifty to recoup losses, We have Expiry in coming week so Lets analyze how to trade bank nifty in next 3 trading sessions.
Bank Nifty Hourly Elliot Wave Analysis
Bank Nifty hourly charts is shown with Short term Elliot wave analysis,Initial Target of this upmove comes around 13118.
Bank Nifty Daily
Bank Nifty on daily chart is near its resistance area.Breakout comes above 13118 for target of 13400 and new life high .Strong support at 12500. Bank Nifty took twice support around 20 DMA, till its not broken it remains in Buy on Dips.
Bank Nifty Fibonacci fan is near its Fibo Fan resistance level as seen in above chart.
Fibo Retracement also signalling bank nifty will march towards its all time high of 13400 once its able to close and sustain above 13000.
Bank Nifty Weekly
Bank Nifty Weekly chart is trading in the upper channel and suggests still more steam in left in rally once Bank nifty cross and sustains above 13100 on weekly basis we are heading towards a new life high .
Bank Nifty Monthly
Bank Nifty has risen 18.5% in March series,April month has showed a strong support near 12500.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:12836
Bank Nifty Resistance:12960,13018,13200
Bank Nifty Support:12706,12576 and 12446
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
We do discussion is Live market to update Nifty levels If you are interested you can LIKE the page to get Real Time Updates.
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863