Bull Run in Bank Nifty over? Weekly Analysis

By | July 13, 2014

Bank Nifty corrected the most in past 15 months, so is the bull run over in Bank Nifty or its just one of the healthy correction . Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty hourly charts has started trading below the low of 16 may and is bound to go down further till 14236 to fill the gap.

 

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 14274-14236 range.

Bank Nifty Daily

BN Daily Gann

Bank Nifty daily as per Gann Box is taking resistance at the blue line, and target of current down trend comes near the red line which is around 14000.

 

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, Elliot wave target for Bank Nifty comes around  14000 in current down trend and than we can start the 5 wave which can go all the way upto 18000.

Fibonacci technique

Fibonacci fan

Bank NIfty FF

Bank Nifty is heading towards the 4X1  line of Fibo Fans which comes around 14000

Fibonacci Retracement

Bank NIfty FR

50% retracement if broken @14379 will start a corrective down move in Bank Nifty towards the golden ratio of 61.8% @ 14058.

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, Now we have rising trednline coming around 14000 range so its a good reason to book out shorts and go aggressive longs also.

 

Bank Nifty Monthly

Bank Nifty Monthly

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

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.

 

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:14396

Bank Nifty Resistance:14526,14786,14916

Bank Nifty Support:14266,14006 and 13876

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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