Bank Nifty Weekly forecast for June Expiry

By | June 23, 2014

Last Week we gave Bank Nifty Chopad level of 15046 and Bank Nifty did all 3 target on upside rewarding traders with 390 points, We have June Expiry  Bank Nifty will likely to another volatile week ahead, lets analyze how to trade bank nifty in Expiry week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty hourly charts is trading in a range, 15600- 14933. Breakout above 15600 for a target of 15750.Breakdown below 14933 for target of 14700.

 

Bank Nifty Hourly Elliot Wave

Bank Nifty Hourly EW

Elliot wave target for Bank Nifty comes around  14700 in current down trend.

Bank Nifty Daily

BN Daily Gann

Bank Nifty daily as per Gann Box is taking resistance at the yellow line, and unable to cross it started its corrective move with target of Blue line @14700.

 

Bank Nifty Daily Elliot Wave

BN Daily EW

 

As per Elliot wave Theory on Daily chart, Bank Nifty has done its 3 wave and is starting correction in its 4 wave, As discussed is previous Nifty Analysis Nifty is still in 3 wave, So we have a very dicey situation and this week price action will resolve the mystery.

Fibonacci technique

Fibonacci fan

Bank NIfty FF

Bank Nifty is heading towards the centre line of Fibo Fans which comes around 14630

Fibonacci Retracement

Bank NIfty FR

38.2% retracement if broken @14705 will start a big corrective down move in Bank Nifty

Bank Nifty Weekly

BN Weekly

Bank Nifty Weekly chart is trading is 4 quadrant of Ratio box, which has range from 13800-15700 so long traders should be cautious as per gann grid. Any close above 15700 invalidate the current count and we will revisit the counts.

 

Bank Nifty Monthly

Bank Nifty Monthly

Bank Nifty as per monthly chart is forming a gravestone doji, on monthly chart closing at 30 June will confirm the same.

 

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:15046

Bank Nifty Resistance:15176,15306,15436

Bank Nifty Support:14916,14786 and 14656

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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