Bank Nifty breaks its Andrew pitchfork Support, Weekly Analysis

By | March 29, 2015

Last week we gave the Chopad level of 18686 Bank Nifty achieved 3 target on upside made low of 18688 and Chopad level was 18686.Lets analyze how to trade next week.

 Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty is entering  in 2 Demand zones and 2 Supply zone are marked in above chart.

Bank Nifty Hourly  EW Daily

Bank Nifty Hourly EW

Hourly Elliot wave analysis is shown,17700  will play crucial role in coming week.

Bank Nifty Pyrapoint Indicator

BANKNIFTY - Pyrapoint

As per Pyrapoint Box Bank Nifty held its 180  degree of pyrapoint holding the same counter trend rally 18500  is expected.

 

Bank Nifty Channel

daily chart

Broke its channel and 100 DMA, Unable to cross 100 DMA can see it moving towards 200 DMA.

Bank Nifty Harmonic

Daily Harmonic

 

Bank Nifty EW Daily

BN Daily EW

Again dips near 17500/17700 should be bought into near quality banking stocks. 

 

Bank Nifty Market Profile

Market Proflie

As per Market Profile 18164 should be watched in coming week  below that 17406 is short term target. Above it can move towards 18500/18898.

Bank Nifty Daily Gunner

Daily Gunner

On Daily chart near important Gunner support , need to cross above red arc for bullishness to come.

Bank Nifty Gann Dates

Nifty As per time analysis 31 March/01 April  is Gann Turn date , except a impulsive around this dates. Last week we gave 24/27 Mar Day  and Nifty saw a volatile move on both the days .24 it created short term top and weekly bottom on 27.

Fibonacci technique

Fibonacci Fans

Bank NIfty FF

Near its 38.2 % retracement as per FF.

Bank NIfty FR

50% number is 18018 should be watched.

Bank Nifty Weekly

BN AF

It was negative week, with the Bank Nifty down  by 555 points  closing @18044  , breaking the support line of Andrew Pitchfork  and closing below its 20 WSMA @18871  which has given support in past 3 times.

BN Weekly Time Analysis

 

Bank Nifty Weekly  Gunner

Weekly Gunner

Bank Nifty Monthly

Bank Nifty Monthly

Bank Nifty On Monthly chart prices got reject on higher end of Fibonacci channel now approaching the 23.6% retracement.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:18036

Bank Nifty Resistance:18166,18426,18686

Bank Nifty Support:17906,17776,117386

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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4 thoughts on “Bank Nifty breaks its Andrew pitchfork Support, Weekly Analysis

  1. Bramesh Post author

    Buy above chopad levels with SL of 50 points in BN and 20 points in Nifty

  2. Praveen

    Sir can I give blog for how to trade using chopad levels

  3. Praveen

    In bank nifty gunner. You have updated Nifty levels sir

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