Nifty has gained 38 % since Sept. 13 when NaMo was officially anointed as Prime ministerial candidate. Exit poll and outcome of the election. IIP, WPI and CPI data due next week. Lets analyze how to trade Bank Nifty before the Lok Sabha election results.
Bank Nifty Hourly Elliot Wave Analysis
Bank Nifty hourly charts is shown with Short term Elliot wave analysis,Initial Target of this upmove comes around 13950-14000.
Bank Nifty Daily
Bank Nifty on daily chart was constantly taking support at its 20 DMA, holding with in its gann wedge, suggesting a big upmove was coming. Now momentum is strong and will touch the upper end of gann wedge next week.
Bank Nifty Fibonacci fan has bounced from its fibo resistance and look good for short term target of 14400.
Bank Nifty Weekly
Bank Nifty Weekly chart as per Andrew Pitchfork has crossed the median line and looks very strong on weekly charts, Also as per gann timeline nifty has entered in positive quadrant suggesting its in buy on dips mode.
Bank Nifty Monthly
Bank Nifty as per monthly chart gives target of 14800-15000.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:13800
Bank Nifty Resistance:14000,14396,14786
Bank Nifty Support:13616,13356 and 13000
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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