Bank Nifty Weekly Analysis for 27-30 Jan

By | January 26, 2015

Last week we gave the Chopad level of 19336 Bank Nifty achieved 3 target on upside rewarding trend followers by 520 points.  . Lets analyze how to trade Bank Nifty in coming week.

 Bank Nifty Hourly

Bank Nifty Hourly

As discussed last week new high came, Now high of 20116 should be watched closing above it can see bank nifty marching towards 20500/20600 Strong support @19900/19800 range.

Bank Nifty Hourly  EW Daily

Bank Nifty Hourly EW

Hourly Elliot wave analysis is shown,20300 will play crucial role next week.

Bank Nifty EW Daily

BN Daily EW

As per EW on daily chart we are approaching major target of the current move so its prudent to book some profit in range of 20300/20500 and wait for correction to load again.

 

 Bank Nifty Daily Bias

daily chart

Bank Nifty need to cross 20116 for the bullish momentum to sustain, unable to cross can we down move till 19900/19700.

 

Bank Nifty Gann Dates

As per time analysis 28Jan +- 1 day  is Gann Turn date , except a impulsive around this date.Last week we gave 21 +- day Jan and Bank Nifty saw explosive up move on 20 Jan.

Fibonacci technique

Fibonacci Fans

Bank NIfty FF

Bank nifty also approaching the weekly resistance of Fibo Fans so time to be cautious.

 

Bank Nifty Weekly

BN AF

Bank Nifty Weekly chart is now approaching the upper resistance zone of AF as shown in above chart so it time to be cautious on longs but still no shorting signal.

BN Weekly Time Analysis

 

Bank Nifty Monthly

Bank Nifty Monthly

Bank Nifty is also approaching the Monthly trendline resistance so as all time frame we are near resistance zone so its best to book profit and trail remaing positions till we get clear signal.

 

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:20116

Bank Nifty Resistance:20246,20506,20636

Bank Nifty Support:19986,19856,19596

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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