RBI Governor decided to maintain status quo on policy rates,and met the market expectation.Bank NIfty was higher on MOnday Tuesday reached our Weekly Trend Deciding level of 11990 High made was 11992 and than collapsed to achieved all weekly target. Cool 550 Points pocked by positional traders. 🙂
Bank Nifty Hourly
Bank Nifty is trading below resistance of 50 and 21 HSMA trading in a perfect downtrending channel , Any pullback can come from Important channel support of 11125 and below that 10888.
Bank Nifty Daily
Bank Nifty after taking resistance at upper end of channel corrected and is now trading near the lower end of channel closed below its 200 DMA.Formed a DOJI candlestick near the channel support signalling the downfall can end but follow up action needs to be seen above 11420.
Bank Nifty Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts Took exact support at 3X8 line of Fibo fans, So the low of 11200 becomes an all important low and any close below it can drift BN to 10900 odd levels.
Bank Nifty Fibo Retracement
As per Fibo theory 11417 is 80% retracement of 13420-10872.Closing below 11317 for coming weeek will spell trouble for bulls and we can see Bank Nifty in sub 10500 in coming week if 11420 is not captured.
Bank Nifty Weekly
Bank Nifty on WoW basis was down by 583 points and closed below 11400,Break of Weekly trendline and we saw the follow up action on downside.Major Weekly support lies in range of 11888-11900 which could pause this downfall.
Bank Nifty Monthly
Monthly charts are approaching the long term trendline and was unable to cross and formed a DOJI Candelstick pattern signalling reversal. Monthly time fram give very powerful signal and we saw BN correcting 1100 points or 9% in June month till date.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:11420
Bank Nifty Resistance:11515,11616 and 11818
Bank Nifty Support:11210,11000 and 10888
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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