Last Week we gave Chopad Level of 14396 Bank Nifty did all the 3 target on upside rewarding Trend Follower by 500 points.. Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts touched the gap area and started bouncing back towards the higher end. Negative divergence are visible in hourly charts and downward falling trendline resistance comes around 15556.
Bank Nifty Hourly Elliot Wave
Bank Nifty hourly EW is showing an abc correction and target of abc correction comes around 14769 range.
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
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.
Bank Nifty took support at 4X1 line of Fibo Fans and bounced back, now heading towards 2X1 line as shown in above chart.
50% retracement @14379 is strong support and bank nifty bounced back ferociously.
Bank Nifty Weekly
Bank Nifty Weekly chart as per Andrew Pitchfork was unable to sustain above the higher line and saw a big corrective decline as shown above, and last week toook support at rising trednline and bounced back. This week 15600 needs to be watched closely if crossed new high is coming , if not another decline is on cards.
We are in volatile time zone and hence big swings will be seen.
Bank Nifty Monthly
Bank Nifty as per monthly chart has 23.6% retracement @ 14004 where we can see the bounceback.
This is what we discussed last week Hope it helped both traders and investor To conclude all time frame are exhibiting strong support in range of 14000-14200, Traders should use this range if and when it comes to exit shorts and investor should use this to enter Banking stocks.
Coming Week looking at above analysis, its time to lighten up at higher levels and again wait for dips around 14800 to enter again
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:15436
Bank Nifty Resistance:15593,15724 ,15956
Bank Nifty Support:15306,15176 and 15046
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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