Last week we gave the Chopad level of 19856 Bank Nifty achieved 3 target on downside . Lets analyze how to trade Bank Nifty in coming week as RBI policy is due.
Bank Nifty Hourly
Bank NIfty hourly charts are approaching the demand zone as seen in hourly chart so range of 18600-18400 needs to be closely watched holding the same can see sharp and swift move on upside. Unable to do so can fall till 18000.
Bank Nifty Hourly EW Daily
Hourly Elliot wave analysis is shown,18427 will play crucial role next week for the count mentioned above to work.
Bank Nifty EW Daily
This current dip should be used to start taking exposure to banking stocks as still higher targets are pending.
Bank Nifty Daily Bias
Bank Nifty is trading in a perfect up trending channel after touching the upper end of channel bank nifty saw a fast correction last week and it can get extended to lower end of channel.
Bank Nifty Gann Dates
Bank Nifty As per time analysis 09 Feb/12 Feb is Gann Turn date , except a impulsive around this dates. Last week we gave 02 Feb +1 Day and Nifty saw a volatile move on that day . Also we mentioned Feb 5 and saw major volatility in market on that day 🙂
Approaching the lower end of FF
Bank Nifty Weekly
Bank Nifty Weekly chart touched the upper end of Andrew Pitchfork and gave a sharp and swift correction, now holding the middle line of AF can see a sharp and swift counter move from Bank Nifty. Also the new time cycle started on negative note and 2 negative weeks are over so time to use dips to buy quality banking stocks.
Bank Nifty Monthly
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:18686
Bank Nifty Resistance:18816,19076,19336
Bank Nifty Support:18556,18466,18166
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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