Bank Nifty Weekly Chart Analysis

By | October 12, 2014

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

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

 

Drive Wealth

Bank Nifty hourly EW is shown as above.

Bank Nifty Daily

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

 BN Daily EW

Bank Nifty has still in its 4 wave,and 2 targets are shown below.

Bank Nifty Daily Bias

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

Fibonacci technique

 

Fibonacci Fans

Bank NIfty FF

Bank nifty took resistance at Fibo fans and gave a pullback

Fibonacci Retracement

Bank NIfty FR

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 Bias

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.

Nifty Weekly Timeline

 

Bank Nifty Monthly

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

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

Follow on Facebook during Market Hours:  https://www.facebook.com/pages/Brameshs-Tech/140117182685863

Leave a Reply