Bank Nifty Weekly Technical Analysis

Bank Nifty Hourly

Bank Nifty on hourly chart is showing a range contraction,and unable to close above 11750 can pull it back to lower end of trading range.

Bank Nifty Daily

Bank Nifty has been under performing nifty and still trading below its medium and long term moving averages.The Bank Index has to move past the swing high at the 12,000-mark to indicate a reversal of the recent downtrend. A fall below the 11,000-level would indicate that the short-term trend is still down.

Bank Nifty Fibo Fans

Fibo Fans has been applied on Bank Nifty weekly charts Bank Nifty is consolidating near 2X8 line of Fibo fans, from past 3 weeks signalling big move is round the corner.As always, it makes sense to await clues from price before judging the direction of the next big move.

Bank Nifty Fibo Retracement

As per Fibo theory 11845 is 61.8% retracement of 13420-10872.Closing below 11417 for coming weeek will spell trouble for bulls and we can see Bank Nifty in sub 1100 in coming week and trading above 11933-12000 can take bank nifty towards its all time high.

Bank Nifty Weekly

Bank Nifty on WoW basis was up by 288 points and closed at11722,From past 3 weeks BN has been taking support at its falling trendline,so weakness will be sub 11300 levels only and strenght above 12000. Between just a range play.