Bank Nifty Weekly Outlook for 2-6 Sep trading

By | September 1, 2013 11:22 am

Last Week we gave the Trend Deciding level as 9456 and Bank Nifty achieved all target on downside Cool 650 points on downside.Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty Hourly

Bank Nifty on hourly chart is finding resistance at 50 HSMA,Close above the 50 HSMA@ 9066 on hourly basis will add more bullishness in Bank Nifty.

Bank Nifty Daily

Bank Nifty is trading in a perfect down trending channel as shown in below chart. Bank Nifty has been rallying after forming a bullish candlestick pattern on daily chart. Its approaching the higher end of down trending channel as shown in below chart 9196. Any close above it will be an bullish indicator in short term.

Bank Nifty Daily

Bank Nifty Fibo Fans

Bank NIfty FF

Fibo Fans has been applied on Bank Nifty weekly charts and is near the resistance of 9456

 Bank Nifty Fibo Retracement

Bank NIfty FR

Bank Nifty has taken support at 78.6%  retracement  at 8931 and bounced back. Holding the same bounceback till 9456 can be seen,Unable to hold the 8931 BN can fall till 8300 odd levels.

Bank Nifty Weekly

Bank Nifty Weekly

Bank Nifty on WoW basis was down by 421 points and closed  @9049,Nifty has closed flat but Bank Nifty has closed down 4%,so lot of under performance by Bank Nifty. Good news is Bank Nifty is holding the Weekly down trending support line suggesting buying at lower levels.Formation of lower lows are still in effect.

Bank Nifty Monthly

Bank Nifty Monthly

Monthly charts has bounced exactly from the monthly support area as shown in above chart. Holding 8860 bounce back to continue.

 Bank Nifty Trading Levels

Bank Nifty Trend Deciding Level:9066

Bank Nifty Resistance:9196,9326,9456 and 9586

Bank Nifty Support:8936,8806,8676 and 8546

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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