Last Week we gave Bank Nifty Trend Deciding level as 13355 ,stopped out on upside and achieved all downside targets. Bank Nifty has made a fresh lifetime high of 13414 but was not sustainable on upside and gave way for profit booking as soon it start trading below our trend changer levels.
So lets discuss how to trade Bank Nifty in coming week as its an expiry week.
Bank Nifty Hourly
Bank Nifty Daily
Bank Nifty on daily chart pulled back from the top end of channel with negative divergence showing effect, broken both 13000 and 12800 on weekly basis suggesting bears are active. Now expect range bound session in big range of 12400-13400
Bank Nifty Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts unable to sustain the 3 channel for fibo channel and start giving pullback , Support is at 12300.
Bank Nifty Fibo Retracement
As per Fibo theory 12384 is strong support
Bank Nifty Weekly
Bank Nifty on WoW basis was down by 547 points and closed below 13000 after unable to cross above the weekly rising trendline. Negative divergence is very much visible on Weekly and monthly charts.
Bank Nifty Monthly
Monthly charts are approaching the long term trendline and was unable to cross.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:12922
Bank Nifty Resistance:13250,13400 and 13609
Bank Nifty Support:12600,12430 and 12220
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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