Bank Nifty corrected the most in past 15 months, so is the bull run over in Bank Nifty or its just one of the healthy correction . Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty hourly charts has started trading below the low of 16 may and is bound to go down further till 14236 to fill the gap.
Bank Nifty Hourly Elliot Wave
Bank Nifty hourly EW is showing an abc correction and target of abc correction comes around 14274-14236 range.
Bank Nifty Daily
Bank Nifty daily as per Gann Box is taking resistance at the blue line, and target of current down trend comes near the red line which is around 14000.
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, Elliot wave target for Bank Nifty comes around 14000 in current down trend and than we can start the 5 wave which can go all the way upto 18000.
Bank Nifty is heading towards the 4X1 line of Fibo Fans which comes around 14000
50% retracement if broken @14379 will start a corrective down move in Bank Nifty towards the golden ratio of 61.8% @ 14058.
Bank Nifty Weekly
Bank Nifty Weekly chart as per Andrew Pitchfork was unable to sustain above the higher line and saw a big corrective decline as shown above, Now we have rising trednline coming around 14000 range so its a good reason to book out shorts and go aggressive longs also.
Bank Nifty Monthly
Bank Nifty as per monthly chart has 23.6% retracement @ 14004 where we can see the bounceback.
To conclude all time frame are exhibiting strong support in range of 14000-14200, Traders should use this range if and when it comes to exit shorts and investor should use this to enter Banking stocks.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:14396
Bank Nifty Resistance:14526,14786,14916
Bank Nifty Support:14266,14006 and 13876
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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