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.
Fibonacci technique
Fibonacci fan
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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I must admit that have been following bharmesh ji for quite sometime and have been seeing the movements in nifty very much in line with the movements.
But at times I am unable to know the levels that is being discussed, as per the details in the may series it has been mentioned earlier that a range of 6600-6800 is being looked into. Is it what we look forward in the current series after the event happening at the end of this week.
Dear Prasant,
6600-6800 played for initial part of series, now once 6642 was held we did analyzed and said as per EW 7200 is probable target. So we need be dyanamic in fast moving market.
Rgds,
Bramesh