Last week we gave Nifty Chopad level of 15306 and Bank Nifty did 3 target on upside and 1 target on downside rewarding chopad followers by 400 points.IIP numbers were not good and with global market correcting how to trade bank nifty in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts broke the support zone for a day came back in channel and now near an important support of 15400.Breaking the same 15100 and below its 14750 is on cards. Bullish above 15700 only.
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 15700 bulls are back in bank nifty.Also 100 DMA support is seen in bank nifty. Next 2 days are very important holding 15000 can see a sharp pullback in bank nifty. Break below 15000 will see quick fall till 14750/14500.
Bank Nifty Daily EW
Bank Nifty has still in its 4 wave,and 2 targets are shown below.
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 15 October is Gann Turn date , except a impulsive around this date. Now as 15 is Holiday so 13 or 16 we will see the expected move. Last week we gave 07 Oct and nifty gave good correction on that day
Bank nifty took resistance at Fibo fans and gave a pullback
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 15700 above bulls will be back on bank nifty.Also as per time analysis negative cycle will come to end in next 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:15436
Bank Nifty Resistance:15566,15826,15956
Bank Nifty Support:15306,15046 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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