Last week we gave the Chopad level of 20116 Bank Nifty achieved 3 target on upside and 2 target on downside rewarding trend followers by 780 points. . Lets analyze how to trade Bank Nifty in coming week as RBI policy is due.
Bank Nifty Hourly
As discussed last week new high came and Bank Nifty went above upper trend line of channel and than gave a fast and swift move on gann turn date. Now bank nifty is heading towards lower end of channel once 19732 is broken towards 19300 odd levels.
Bank Nifty Hourly EW Daily
Hourly Elliot wave analysis is shown,19732 will play crucial role next week for the count mentioned above to work.
Bank Nifty EW Daily
As discussed in last analysis 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.
Wait for correction in range of 19000-19300 to load again banking stocks.
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
As per time analysis 02 Feb + 1 day is Gann Turn date , except a impulsive around this date.Last week we gave 28+- day Jan and Bank Nifty made top of 28 Jan and has given correction of 1300 points. Keep a close eye on 05 Feb also as this is also a major gann monthly date.
As discussed last week Bank nifty also approaching the weekly resistance of Fibo Fans so time to be cautious.Bank Nifty gave correction of 1300 point from highs.
Bank Nifty Weekly
Bank Nifty Weekly chart touched the upper end of Andrew Pitchfork and gave a sharp and swift correction, if 19700 breaks correction can get extended to 19300/19000 odd levels where support as per AF lies. Also the new time cycle started on negative note so time to use dips to but quality stocks.
Bank Nifty Monthly
As discussed last week hope it helped the traders 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:19856
Bank Nifty Resistance:19986,20116,20376
Bank Nifty Support:19726,19466,19206
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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