Last week we gave the Chopad level of 18686 Bank Nifty achieved 1 target on downside and missed with long entry with gap up . Lets analyze how to trade in coming week.
Bank Nifty Hourly
As discussed last week new high came, Now high of 19410 should be watched closing above it can see bank nifty marching towards 19500/19600 Bank Nifty hourly chart is forming a triangle pattern breakout comes above 18800 for a target of new high and breakdown 18400 for initial target of 18100
Bank Nifty Hourly EW Daily
Hourly Elliot wave analysis is shown,19400 will play crucial role next week.
Bank Nifty EW Daily
As per EW on daily chart use dips, deep correction in bank nifty to make positions in quality banking stocks, Many Banking stock can give atleast 30-50% return in 2015.
Bank Nifty Daily Bias
Bank Nifty need to cross 19400 for the bullish momentum to sustain, unable to cross can we down move till 18900/19400.
Bank Nifty Gann Dates
As per time analysis 21 Jan +- 1 day is Gann Turn date , except a impulsive around this date.Last week we gave 16 Jan and Bank Nifty saw explosive up move on 15 Jan.
Bank nifty took support@ Fibo fan line suggesting still in buy on dips mode. Now break of 19400 will suggests more new highs are coming.
Bank Nifty Weekly
Bank Nifty Weekly chart took support at middle of AF line and harmonic pattern suggests still its in buy on dips mode.Break of 19400 will suggest bank nifty can move up till 19500/19600 and form new life high.Bank Nifty will enter new time quadrant in coming week.
Bank Nifty Monthly
This is what we discussed in previous analysis Bank Nifty in current correction took support@ 200% channel which is extremely bullish in short term. Holding the same Bank nifty can approach to make a new life highs.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:19336
Bank Nifty Resistance:19466,19596,19856
Bank Nifty Support:19206,19076,18946
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.Please also read the detailed Disclaimer mentioned in the Right side of Blog.
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