Bank Nifty Weekly Technical Forecast

Last week we gave the Chopad level of 18036  Bank Nifty achieved 2 target on downside   and 2 target on upside rewarding discipline chopad followers on both upside and downside.Lets analyze how to trade next week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty on hourly charts as discussed last week  17800 if held can see 300-400 point bounce in bank nifty. Bank Nifty entered in demand zone and saw a strong bounceback. Till Holding 21/34 EMA @18200 bulls have upper hand.

Bank Nifty Hourly  EW Daily

Bank Nifty Hourly EW

Hourly Elliot wave analysis is shown,18430/450  will play crucial role in coming week.

Bank Nifty Pyrapoint Indicator

BANKNIFTY - Pyrapoint

Traded well in the range of Pyrapoint Analysis Resistance @135 degree line @18400, support at 180 degree line @ 17800.

Supply Demand Zone


Self Explanatory chart depicting Supply and Demand zone.

Bank Nifty Channel

daily chart

Support becoming Resistance @ 18430 trendline top, Unable to close above 18432 possibility to a dip till 200DMA exists.

Bank Nifty Harmonic

Daily Harmonic

Next round of upmove above 18430 for 18600/18800.

Bank Nifty EW Daily

BN Daily EW

Use dips to keep accumulation quality banking stocks. 


Bank Nifty Market Profile

Market Proflie

As per Market Profile 18519 should be watched in coming week  below that 18163  is short term target. Above it can move towards 18700/18900

Bank Nifty Daily Gunner

Daily Gunner

On Daily chart near important Gunner resistance @1*2 line,unable to cross the same can see deeper fall.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 04 May/07 May  is Gann Turn date , except a impulsive around this dates. Last week we gave 27 April/30 April  and Bank Nifty saw a volatile move on both the days .

Fibonacci technique

Fibonacci Fans

Bank NIfty FF

Close near its 38.2 % retracement as per FF

Bank NIfty FR

78.6 % number is 18231 should be watched.

Bank Nifty Weekly


It was positive week, with the Bank Nifty down by 336 points  closing @18338  , closing below the support line of Andrew Pitchfork  and closing below its 20 WSMA @18917 unable to cross above 20WSMA can head towards 50 SMA@17181 .As per gunner heading towards 1*2 gann line if red arc @18450 is not crossed.

BN Weekly Time Analysis


Bank Nifty Weekly  Gunner

Weekly Gunner

Bank Nifty Monthly

Bank Nifty Monthly

Bank Nifty On Monthly chart prices got reject on higher end of Fibonacci channel now held the 78.6% retracement.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:18296

Bank Nifty Resistance:18426,18686,18816

Bank Nifty Support:18166,17906,17776

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.Please also read the detailed Disclaimer mentioned in the Right side of Blog.

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