Bank Nifty will be on Radar as 3 may we have our RBI policy. We have 3 great triggers. First is fall in inflation. Second is fall in commodities prices and third a positive MOM IIP data. Market has definitely factored in 25 Bps rate cut and so if we have a 25 bps cut on the policy day than we can see a definite sell of but if the governor surprises us with a 50 Bps along with a CRR cut than only we may see a rally above 12755 and towards a new high else we can see a pullback till 12000.
Bank Nifty Hourly
Bank Nifty has been trading above 34 EMA from Apr 10 and gave a spectacular rally but on last Friday BN closed below 34 EMA @12540, Does it spell trouble for Bulls ?
Bank Nifty Daily
Bank Nifty is trading in a perfect up trending channel with strong support at 12470. Holding 12470 one more attempt to cross and close above 12755 will be made failure to do so we will see pullback rally 11913. .
Bank Nifty Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts and its show 12726 emerging as resistance,BN made high of 12755 and pulled back 🙂 Support at per Fibo Fans comes at 12000.
Bank Nifty Fibo Retracement
78.6% retracement of current upmove from 10900-12755 comes at 12357 and Golden ratio 61.8% comes at 12042 both of these levels should be watched on any pullback before RBI policy.
Bank Nifty Weekly
Bank Nifty weekly charts gave a follow up after forming bullish engulfing pattern last week,but sell off coming in last on friday and purged the bullish sentiment. Bank Nifty has run op 13% in 3 weeks on expectation of rate cut by RBI on 3 may policy.RBI disappoints BN can see a pullback till 11900 odd levels. Bulls will get active only above 12755.
Bank Nifty Monthly
Monthly charts are approaching the long term trendline @12755 , Made the exact high at trendline resistance and gave a pullback.12755 is the most important Bulls should focus on.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:12555
Bank Nifty Resistance:12680,12750 and 12852
Bank Nifty Support:12470,12317,12200 and 11891
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
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