Last Week we gave Bank Nifty Chopad level of 15046 and Bank Nifty did all 2 target on upside and 1 target on downside. We have Union Budget coming on 10 July so Bank Nifty will be in focus for next week and big moves are on cards. Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts is trading in a range, 15600- 14933. Breakout above 15600 for a target of 15750.Breakdown below 14933 for target of 14700.
Bank Nifty Hourly Elliot Wave
Elliot wave target for Bank Nifty comes around 14700 in current down trend.
Bank Nifty Daily
Bank Nifty daily as per Gann Box is taking resistance at the yellow line, and unable to cross it started its corrective move with target of Blue line @14700.
Bank Nifty Daily Elliot Wave
As per Elliot wave Theory on Daily chart, Bank Nifty has done its 3 wave and is starting correction in its 4 wave, As discussed is previous Nifty Analysis Nifty is still in 3 wave, So we have a very dicey situation and this week price action will resolve the mystery.
Bank Nifty is heading towards the centre line of Fibo Fans which comes around 14630
38.2% retracement if broken @14705 will start a big corrective down move in Bank Nifty
Bank Nifty Weekly
Bank Nifty Weekly chart is trading is 4 quadrant of Ratio box, which has range from 13800-15700 so long traders should be cautious as per gann grid. Any close above 15700 invalidate the current count and we will revisit the counts.
Bank Nifty Monthly
Bank Nifty as per monthly chart is forming a gravestone doji, on monthly chart closing at 30 June will confirm the same.Also we have double top on monthly charts so need to be extra cautious.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:15046
Bank Nifty Resistance:15176,15306,15436
Bank Nifty Support:14916,14786 and 14656
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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