Bank Nifty Weekly Outlook for 29 Sep – 01 Oct

By | September 28, 2014

Last week we gave  Nifty Chopad level of 16200 and Bank Nifty did 3 target on downside. Lets analyze how to trade in as RBI policy is coming on 30 September

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty hourly charts broke the support zone of 15450 saw a decline till 15200 odd levels and closed above this support zone,moving above 15750 bank nifty can move towards another life highs.

 

Bank Nifty Hourly Elliot Wave

Bank Nifty Hourly EW

Drive Wealth

Bank Nifty hourly EW is shown as above.

Bank Nifty Daily

Bank Nifty Daily

Bank Nifty daily is near its trendline resistance on daily chart any close above 15750 bulls are back in bank nifty.

 

Bank Nifty Daily EW

 BN Daily EW

Bank Nifty has completed its 4 wave, v impulsive wave can start soon with target shown in above chart.

Bank Nifty Daily Bias

Bank Nifty Daily

Bank Nifty daily chart after fall of 1000 points is still in neutral zone suggesting underline trend is still bullish and dip in bull market correction needs to be bought into.

Bank Nifty Gann Dates

As per time analysis 03 Oct  is Gann Turn date, except a impulsive around this date. Last week 22 Sep gave the big move as expected.

Fibonacci technique

Fibonacci fan

Bank NIfty FF

 

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 15750 needs to be watched closely on weekly basis,  unable to close above it we can see a pullback like last time we saw BN turned after touching AF. Very interesting trading days ahead.

BN Weekly Time Analysis

Bank Nifty Monthly

Bank Nifty Monthly

Bank Nifty is also approaching the trendline on upside was unable to cross the first time. October closing will be keenly watched.

 

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:15696

Bank Nifty Resistance:15826,15956,16086

Bank Nifty Support:15566,15436 and 15306

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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