Bank Nifty Weekly Outlook as per Fibo and Elliot wave

By | July 20, 2014

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

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

Bank Nifty hourly EW is showing an abc correction and target of abc correction comes around 14769 range.

Bank Nifty Daily

BN Daily Gann

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  4X1  line of Fibo Fans and bounced back, now heading towards 2X1 line as shown in above chart.

Fibonacci Retracement

Bank NIfty FR

50% retracement  @14379  is strong support and bank nifty bounced back ferociously.

Bank Nifty Weekly

BN AF

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.

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.

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

We do discussion is Live market to update Nifty levels If you are interested you can LIKE the page to get Real Time Updates.

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2 thoughts on “Bank Nifty Weekly Outlook as per Fibo and Elliot wave

  1. Bramesh Post author

    Hi Sudhin,

    Right Click -> View Image You will see bigger image

    Rgds,
    Bramesh

  2. sudhin

    Is there any way to enlarge the charts at our end, the figures are hardly visible or change the font colour to black at least.

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