Last week we gave the Chopad level of 18426 Bank Nifty achieved 2 target on upside and 1 target on downside rewarding discipline chopad followers .Lets analyze how to trade next week as RBI policy in 2 June.
Bank Nifty Hourly
Bank Nifty broke its trendline and also closed above its 21/34 EMA, suggesting break of 18750 can see move towards 18900/19038 is on cards. Bearish below 18550 only.
Bank Nifty Hourly EW Daily
Hourly Elliot wave analysis is shown, 18750 will play crucial levels next week.
Bank Nifty Pyrapoint Indicator
Traded well in the range of Pyrapoint Analysis Support @135 degree line , resistance at 90 degree line.
Supply Demand Zone
Self Explanatory chart depicting Supply and Demand zone. Again entered the Supply zone sustain above it can see 19038 odd levels.
Bank Nifty Channel
Range contraction between 100/50 SMA suggesting expansion of price on cards with increasing volatility.
Bank Nifty Harmonic
As discussed in last week analysis Next round of up move above 18260 for 18500/18600.
Done all target of Harmonic pattern
Bank Nifty EW Daily
Use dips to keep accumulation quality banking stocks. Long term targets are still pending as shown above.
Murry Math Line
Break of MML blue line can see it moving towards 18900/19038
Bank Nifty Daily Gunner
On Daily chart near important Gunner resistance @1*2 line,close above it will lead to trend change
Bank Nifty Gann Dates
Nifty As per time analysis 02 June/05 June is Gann Turn date , except a impulsive around this dates. Last week we gave 26 May/28 May Nifty saw a volatile move .
3 June is Gann Emblem Date.
Close near its 38.2 % retracement as per FF
38.2/50 % number is 18645/18894/19077 should be watched.
Bank Nifty Weekly
It was positive week, with the Bank Nifty up by 288 points closing @18751 , price again got rejected near its 20 WSMA and holding 50 WSMA .Bulls will get momentum above 20 WSMA only support at 18200 range. We are in neutral to negative time cycle till 14 JUne.
Bank Nifty Weekly Gunner
Bank Nifty Monthly
Bank Nifty On Monthly chart prices got reject on higher end of Fibonacci channel now held the 61.8% retracement.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:18816
Bank Nifty Resistance:18946,19076,19336
Bank Nifty Support:18686,18426,18166
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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