Bank Nifty forms Bearish Engulfing, Weekly Forecast

Last Week we gave Chopad Level 15170 Bank Nifty short initiated  below chopad levels on Monday   did all target in downside by Tuesday.Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

BANKNIFTY - Pyrapoint

As discussed last week

Bank Nifty broke the 180 degree support and quickly saw fall till 225, did not close below the support and again gave the recovery, and heading towards 180 @15300/15373.

High made on 15367 exactly near 180 degree than saw the fall and bank nifty broke 225/270 degree by the end of the week, Now in coming week 14216 needs to be watched which is 270 degree, closing above it can see move towards 14500/14800.

Bank Nifty Harmonic

Daily Harmonic

Bank Nifty has completed its  black swan harmonic pattern so closing above 14150, can see move till 14251/14254.

Gann Angles

Gann Angles

Bank Nifty broken the gann angles and now support lies in area of 13500-13600, resistance in zone of 14500-14700.

Bank Nifty Supply and Demand


Self Explanatory Chart

Bank Nifty Gann Dates

Bank Nifty As per time analysis  15/19 Feb is Gann Turn date , except a impulsive around this dates.

Fibonacci technique

 Fibo Retracement

Bank NIfty FR

Fibo levels to be watched in coming week, 14143/14404

Bank Nifty Weekly

Weekly AF

It was negative week, with the Bank Nifty down by 1190 points  closing @13971 breaking the middle of AF and corrected heavily closing below the lower boundary and closed just near its 200 W SMA, any rise will see resistance near the lower end of AF line @14260-14300 zone

Bank Nifty Monthly

Bank Nifty Monthly

Monthly chart broke support at 23.6%,closing above it can see Feb month out of hands of bears.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:14000

Bank Nifty Resistance:14150,14300,14550

Bank Nifty Support:13820,13650,13400

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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One Comment

  1. Shankar Srinivas said:

    Bank nifty in bearish engulfing? Are we still expecting another downside from here?

    February 15, 2016

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