Last Week we gave Chopad Level of 15306 Bank Nifty did 1 target on upside and 1 target on downside . Lets analyze how to trade Bank Nifty during RBI event.
Bank Nifty Hourly
Bank Nifty hourly charts is forming a triangle pattern, Sustaing below 15000 will suggests will invite a short term correction till 14800. Holding the gap area can see bouceback till 15500
Bank Nifty Hourly Elliot Wave
Bank Nifty hourly EW is shows short term bottom is formed and a rally can be seen till 15424 as seen in above chart.
Bank Nifty Daily
Bank Nifty daily as per Gann Box is taking support at the green line, if held bank nifty is heading towards 15500 and if not broken and correction can be seen till 14800 odd levels.
Bank Nifty Daily Elliot Wave
As per Elliot wave Theory on Daily chart, Bank Nifty is still trading in its C wave target comes at 16321, once done we can see major fall till 12380 levels.
Bank Nifty took support at 2X1 line of Fibo Fans and bounced back, now heading towards 1X1 line as shown in above chart if 15550 is crossed else heading towards 14800.
38.2% retracement @14702 is strong support and bank nifty bounced back ferociously.
Bank Nifty Weekly
Bank Nifty Weekly chart as per Andrew Pitchfork again made an attempt to cross the AF line but unable to do so, This week 15500 needs to be watched closely if crossed new high is coming , if not another decline is on cards.
We are in volatile time zone and hence big swings will be seen.
Bank Nifty Monthly
Bank Nifty as per monthly chart has 23.6% retracement @ 14004 where we can see the bounceback.
Bank Nifty Weekly Chopad Levels
Bank Nifty Trend Deciding Level:15176
Bank Nifty Resistance:15436,15696,15956
Bank Nifty Support:15046,14786 and 14396
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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