Union Budget 2015: Bank Nifty Weekly Analysis

By | February 22, 2015

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 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

Bank Nifty Hourly EW

Hourly Elliot wave analysis is shown,19400 will play crucial role next week for the count mentioned above to work.

Bank Nifty EW Daily

BN Daily EW

This current dip should be used to start taking exposure to banking stocks as still higher targets are pending.

Bank Nifty Gann Box

BANKNIFTY - 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 .

Fibonacci technique

Fibonacci Fans

Bank NIfty FF

Approaching the higher end of FF

Bank NIfty FR

Bank Nifty Weekly

BN AF

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.

BN Weekly Time Analysis

 

Bank Nifty Monthly

Bank Nifty Monthly

18500 will play  a major role of monthly chart and should be closely watched in coming week.

 

 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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