Bank Nifty Weekly Analysis for Week 09-13 March

By | March 8, 2015

Last week we gave the Chopad level of 19986 Bank Nifty achieved 3 target on upside and 2 target on downside, We have inflation and CPI  data coming on 12 March which will be closely watched by market.Lets analyze how to trade next week.

 Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty took support at the trendline @18400 and bounced back strongly closing above 21/34 HEMA. Now 19400 should be closely watched on downside and 19850 on upside. brakout/breakdown below or above this range.

Bank Nifty Hourly  EW Daily

Bank Nifty Hourly EW

Hourly Elliot wave analysis is shown,20541 is end of a wave and now we are in corrective wave, 19450 will play crucial role in coming week.

Bank Nifty Gann Box

BANKNIFTY - Gann Box

As per Gann Box Bank Nifty is entering 2X1 quadrant in green box suggesting volatile move are on cards.

Bank Nifty Harmonic

Daily Harmonic

Bank Nifty EW Daily

BN Daily EW

We have been adovating the same in past week analysis This current dip should be used to start taking exposure to banking stocks as still higher targets are pending. Hope traders are rewarded.

 

Bank Nifty Gann Dates

Nifty As per time analysis 10/12 March  is Gann Turn date , except a impulsive around this dates. Last week we gave 04 Mar Day  and Nifty saw a volatile move on both the days .

Fibonacci technique

Fibonacci Fans

Bank NIfty FF

Unabl to cross the higher end of FF back to lower end and consolidating in the range.

Bank NIfty FR

Bank Nifty Weekly

BN AF Bank Nifty Weekly Bias

Bank Nifty Weekly chart from past 3 weeks is trading around the middle line of Andrew Pitchfork and as per Harmonic pattern also moving in sideways zone as Grey Candles are forming in Weekly chart . 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 is approaching the Fibo regression channel hence caution advised.

 

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:19596

Bank Nifty Resistance:19856,19986,20116

Bank Nifty Support:19466,19206,18946

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 Weekly Analysis for Week 09-13 March

  1. durairajan

    good evening sir, as per murrey maths bank nifty spot in one hour still room for down side till 18750 spot is the major support .but it can go upside till 19220 in intraday and comes down till 18750 spot. i suppose.
    thank you sir.dt-10-03-2015 //8.45 pm

  2. Ram Ganesh

    As per my understanding ; we need to short Banknifty if it breaks below 19596 for targets of 19466,19206,18946 and long BANKNIFTY if it breaks above 19596 for targets of 19856,19986,20116. Please correct me if my understanding of your post is wrong.

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