Bank Nifty Forms Evening Star pattern,Weekly Analysis

By | March 16, 2015

Last week we gave the Chopad level of 19596 Bank Nifty achieved 3 target on downside .Lets analyze how to trade next week.

 Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty took support at the trendline @18750  and closed  near it. 2 Demand zones are marked in above chart, 18500 and 18300 respectively. Break and close below 18750 can see bank nifty moving to these 2 mentioned levels.

Bank Nifty Hourly  EW Daily

Bank Nifty Hourly EW

Hourly Elliot wave analysis is shown,18500 will play crucial role in coming week.

Bank Nifty Pyrapoint Indicator

BANKNIFTY - Gann Box

As per Pyrapoint Box Bank Nifty is on verge of breaking blue line any break below it can see bank nifty going to 18500/18222.

 

Bank Nifty Channel

daily chart

On the verge of breaking the channel will 100 DMA will come to rescue for bulls again ?

Bank Nifty Harmonic

Daily Harmonic

Bank Nifty is on the verge of forming Bullish Butterfly pattern price action near 18500 should be watched holding the same bullish move can be seen as per this pattern.

Bank Nifty EW Daily

BN Daily EW

Again dips near 18500/18200 should be bought into near quality banking stocks. 

 

Bank Nifty Market Profile

Market Proflie

As per Market Profile 18500 and below that 18184 are 2 important support and above 18787 and 19033 are the resistance.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 16/20 March  is Gann Turn date , except a impulsive around this dates. Last week we gave 10/12 Mar Day  and Bank Nifty saw a volatile move on both the days .

Fibonacci technique

Fibonacci Fans

Bank NIfty FF

Now near support of Fibo Fans unable to hold the same 18500/18222 are levels we can see.

 

Bank Nifty Weekly

BN AF

It was negative week, with the Bank Nifty down  by 968 points  closing @18779 forming a Evening Star candlestick pattern, and breaking the middle line of Andrew Pitchfork  and closing near its 20 WSMA @18880 which has given support in past 3 times, Next week we need to close above 20 WSMA. .Also we are entering a new time cycle from 09March-27 March which will be highly volatile so trade cautiously.

BN Weekly Time Analysis

 

Bank Nifty Monthly

Bank Nifty Monthly

Bank Nifty On Monthly chart prices got reject on higher end of Fibonacci channel now approaching the demand zone of 18500/18222

 

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:18686

Bank Nifty Resistance:18816,18946,19076

Bank Nifty Support:18556,18426,18296

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.

Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section

Follow on Facebook during Market Hours:  https://www.facebook.com/pages/Brameshs-Tech/140117182685863

4 thoughts on “Bank Nifty Forms Evening Star pattern,Weekly Analysis

  1. Bramesh Post author

    Thanks a lot Its Corrected

    Rgds,
    Bramesh

  2. cnvishwa

    Good morning Bramesh.As usual your analysis was fantastic ,descriptive and to the point informative.The charts based on motive wave and ninja trader were indeed illustrative.
    Thanks .keep the good work going on.God bless you.
    CNV.

  3. Ram Ganesh

    Dear Bramesh Sir, I think support and resistance got intechanged( Typo error)

Leave a Reply