Bank Nifty Weekly Analysis for July Expiry Week

By | July 27, 2014

Last Week we gave Chopad Level of 15436 Bank Nifty did 1 target on upside and 1 target on downside . Lets analyze how to trade Bank Nifty in Expiry week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty hourly charts are showing consolidation after a rise in last week, Sustaing below 15300 will suggests will invite a short term correction till 15000/14800.

 

Bank Nifty Hourly Elliot Wave

Bank Nifty Hourly EW

Bank Nifty hourly EW is shows short term top is formed and a corection can be seen till 14830 as seen in above chart.

Bank Nifty Daily

Bank Nifty Daily

Bank Nifty daily as per Gann Box is taking resistance at the yellow line, if crossed bank nifty is heading towards new high and if not crossed and correction can be seen till 14800 odd levels.

 

Bank Nifty Daily Elliot Wave

BN Daily EW

As per Elliot wave Theory on Daily chart, Bank Nifty is still trading in its C wave target comes at 16321, once done we can see  major fall till 12380 levels.

Fibonacci technique

Fibonacci fan

Bank NIfty FF

Bank Nifty took support at  2X1  line of Fibo Fans and bounced back, now heading towards 1X1 line as shown in above chart if 15550 is crossed else heading towards 14800.

Fibonacci Retracement

Bank NIfty FR

38.2% retracement  @14702  is strong support and bank nifty bounced back ferociously.

Bank Nifty Weekly

BN AF

Bank Nifty Weekly chart as per Andrew Pitchfork again made an attempt to cross the AF line but unable to do so, This week 15500 needs to be watched closely if crossed new high is coming , if not another decline is on cards.

BN Weekly Time Analysis

We are in volatile time zone and hence big swings will be seen.

Bank Nifty Monthly

Bank Nifty Monthly

Bank Nifty as per monthly chart has 23.6% retracement @ 14004 where we can see the bounceback.

 

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:15306

Bank Nifty Resistance:15436,15696,16000

Bank Nifty Support:15176,15046 and 14786

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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