Last week we gave the Chopad level of 19466 Bank Nifty achieved 2 target on downside.Coming week has 6 trading session as market will remain open on Saturday as Union Budget will be presented. I have discussed which traders can use as an Input to their trading plan for coming week Stock Market Response to past Union Budget and Option Trading Strategy for Union Budget 2015 .Lets analyze how to trade next week.
Bank Nifty Hourly
Bank Nifty is forming triangle on hourly chart suggesting breakout/breakdown is on cards. Break of 19400 suggests bank nifty can move towards 19800/20000. Any break below 18800 can see move towards 18300/18000.
Bank Nifty Hourly EW Daily
Hourly Elliot wave analysis is shown,19400 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 Gann Box
Weekly chart has just close above the yellow line and closing above the same bank nifty is heading towards 20K. Gann Box suggests big move is round the corner.
Bank Nifty Gann Dates
Nifty As per time analysis 24 Feb/28 Feb is Gann Turn date , except a impulsive around this dates. Last week we gave 18 Feb/20 Feb Day and Nifty saw a volatile move on both the days .
Approaching the higher end of FF
Bank Nifty Weekly
Bank Nifty Weekly chart touched the middle line of Andrew Pitchfork and should give now sharp and swift upside move. AS discussed last week 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:19076
Bank Nifty Resistance:19206,19466,19726,19986,20116
Bank Nifty Support:18946,18816,18556,18296
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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