Bank Nifty Weekly Forecast for RBI Policy week

By | June 1, 2014

Last Week we gave Bank Nifty Chopad level of 15306 and Bank Nifty did all 3 target on downside rewarding traders with 387 points, We have RBI policy coming on Tuesday so big moves are on cards again. Bank Nifty will likely to see a good trending move.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty hourly charts is entering in supply zone, with hourly charts moving in oversold zone suggesting if range of 14700-14620 is held we can see bounce back till 15000-15200 odd levels.

Bank Nifty Hourly Elliot Wave Analysis

Bank Nifty Hourly EW

Bank Nifty on daily chart as per Elliot wave gives correction till the range of 14620 and than a bounceback till 15200 odd levels.

 Bank Nifty Daily

Bank Nifty Daily

Bank Nifty daily as per Gann Box is taking support at the red line holding the same can move to green line @ 15200.

Fibonacci technique

Fibonacci fan

Bank NIfty FF

Bank Nifty Fibonacci fan with gann circle shows we are at critical juncture, and holding 14620-14700 range bounceback can be seen else downmove till 14400-14300.

Bank NIfty FR

Bank Nifty has been holding its 38.2% retracement,so till 14690 is not broken on closing basis bulls have upper hand.

 

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty Weekly chart as per Andrew Pitchfork has crossed the median line is facing resistance at its upper end line of Andrew Pitchfork, I have drawn the extended AF line which gives target of 18000 in medium term using the bell curve.

BN Weekly Time Analysis

Bank Nifty Monthly

Bank Nifty Monthly

Bank Nifty as per monthly chart gives target of 16700-17000

 

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:14870

Bank Nifty Resistance:15020,15306,15566

Bank Nifty Support:14786,14656 and 14400

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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