Last Week we gave the Trend Deciding level as 9976 Bank Nifty opened with Huge Gap up but 11 Sep gave us entry made low of 9980 just 4 points away from our Trend Deciding levels and achieved 2 target on upside.
The data on wholesale price index (WPI) for August 2013, the outcome of Federal Reserve’s policy meeting and the outcome of Reserve Bank of India’s mid-quarter review of monetary policy 2013-14 will dictate trend of Bank Nifty in the coming week. Traders needs to be cautious on overnight positions as good probability of gap up and gap down. Headge the positions. Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty on hourly chart after breaking out of the down trending line shown in blue color will now face resistance at red line @10521.Unable to cross the same pullback to 9800 is expected.
Bank Nifty Daily
Bank Nifty is trading in a perfect down trending channel as shown in below chart. Bank Nifty has been rallying after forming a bullish candlestick pattern on daily chart. Its approaching the higher end of down trending channel as shown in below chart .Bank NIfty tried crossing above the trendline but was unable to do so.Break of 10000 Bank nifty can correct till 9700.
Bank Nifty Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts and is near the resistance of 10521 and support at 9700.
Bank Nifty Fibo Retracement
Bank Nifty will take resistance at 50% retracement at 10563 and support at 61.8% 9889.
Bank Nifty Weekly
Bank Nifty on WoW basis was up by 219 points and closed @10180 forming a spinning top candlestick pattern, which is bearish in nature and follow up downmove below 10000 is required. Bank Nifty has touched its weekly downtrend line and was unable to cross over it.
Bank Nifty Monthly
Monthly charts has bounced exactly from the monthly support area as shown in above chart. Unable to cross 10521 and break of 10000 will be a correction till 9700. Any close above 10521 Bank Nifty will move all the way upto 11000.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:10236
Bank Nifty Resistance:10366,10521,10756 and 10900
Bank Nifty Support:10106,9846,9716 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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