How to trade Bank Nifty in Expiry Week

By | September 22, 2013 10:32 pm

Last Week we gave the Trend Deciding level as 10236  Bank Nifty made low of 10175 on Monday giving an excellent entry in longs and eventually reached all the Weekly Levels.  The last week was one of the best week and worst week as Bank Nifty was up by 7% of Fed decision to continue tapering and down by 4% after RBI governor surprised market by increasing the REPO rate.

The week ahead promises to be quite interesting with the September derivative contracts set to expire on Thursday.The outcome of German elections, PMI data and FII flows will be the key metrics that investors would be watching next week.

Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty on hourly chart  has now taken the resistance at its long term trendline at 11219 and gave a fall.Bank Nifty has taken support at 50 HMSA, and any close below 10450 will lead to downfall till 9960 odd levels.

Bank Nifty Daily

Bank Nifty on daily chart is forming a Descending Broadening Wedge pattern, For complete formation of pattern Bank Nifty should move down back to last swing low  8366 odd levels and make another lower low before moving upwards.. This target looks scary but thats the minimum requirement for Descending Broadening Wedge pattern. The pattern gets invalidated on close above 11200.

Bank Nifty Daily

Bank Nifty Fibo Fans

Bank NIfty FF

Fibo Fans has been applied on Bank Nifty weekly charts and again was resisted at higher end of Fibo fan@11200  and pulled to lower end @10353. Any break below 10353 will lead to further downside.

 Bank Nifty Fibo Retracement

Bank NIfty FR

Bank Nifty will take resistance  at 38.2%  retracement  at 11200  and support at  50% 10563.

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty on WoW basis was up by 506 points and closed  @10686 Bank Nifty is stuck in trendline crossover region unable to cross the upper end Bears will try to push bank nifty to lower end of the trendline crossover.

Bank Nifty Monthly

Bank Nifty Monthly

Negative divergence in the monthly oscillators also means that there is lack of momentum over the long-term time frame.Gann fans are drawn on Monthly chart as shown on above chart.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:10626

Bank Nifty Resistance:10886,11146,11276 and 11406

Bank Nifty Support:10366,10106,9846 and 9456

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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