Readers have been requesting a through analysis for Bank nifty, So below is the technical analysis of Bank Nifty in all time frames so as to understand the future move and milking money out of the next move.
Bank Nifty Daily Chart
Bank Nifty crossed its long term trendline resistance of 12300 and closed above it 2 days, now 12300 will become the support for Banknifty as seen in Fridays fall. Resistance now comes at 12616 and pullback should be expected from that level.
Bank Nifty Fibo Fan Chart
As per Fibonacci Fan theory 12300 should be strong support any break below it can see a quick correction in range of 12000-11800. Closing and sustaining above it can make Bank Nifty move 12600-12800 odd levels.
Bank Nifty Weekly Chart
Weekly charts are quiet interesting as Indicators are reaching the top end of the levels and Bank Nifty hitting the weekly trendline resistance of 12480. Unable to cross the same will invite correction till 12000 odd levels. Breaking the same 12600-12800 on cards.
Bank Nifty Monthly Chart
Monthly charts are showing huge negative divergence with trendline resistance at 12480. Longs should be caution and keep sl of 12300 and higher time frame negative divergence will show effect sooner than later.
Bank Nifty trading levels for Week
Trend Deciding Level:12300
Resistance:12420,12535 and 12605
All levels mentioned are Bank Nifty Spot