Last week we gave Nifty Chopad level of 15696 and Bank Nifty did 3 target on downside rewarding chopad followers by 300 points. We have IIP Data coming with coal scam putting pressure on banks Lets analyze how to trade bank nifty in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts broke the support zone of 15450 saw a decline till 15200 odd levels and closed below this support zone,moving above 15600 bank nifty can move towards another life highs.
Bank Nifty Hourly Elliot Wave
Bank Nifty hourly EW is shown as above.
Bank Nifty Daily
Bank Nifty daily is near its trendline support on daily chart any close above 15600 bulls are back in bank nifty.Also 100 DMA support with RSI reaching oversold zone where it has bounced back in past 3 times so bull case is on with SL of 15000.
Bank Nifty 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 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 07 Oct is Gann Turn date, except a impulsive around this date.
15091 is 61.8% retracement will offer a good support to Bank Nifty 15560 is the zone of resistance as per retracement theory.
Bank Nifty Weekly
Bank Nifty Weekly chart as per Andrew Pitchfork again made an attempt to cross the AF line but unable to do so and saw a 1000 point decline, This week 15091 needs to be watched closely on weekly basis, unable to close below it we can see a pullback backed by short covering and 15600 above bulls will be back on bank nifty.Also as per time analysis negative cycle will come to end in next 2 weeks.
Bank Nifty Monthly
Bank Nifty is also approaching the trendline on upside was unable to cross the first time ans saw a big decline
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:15306
Bank Nifty Resistance:15436,15566,15826
Bank Nifty Support:15176,15046 and 14916
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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