Bank Nifty will likely take cues from June quarter current account deficit and will remain volatile tomorrow.The RBI will release the June quarter current account deficit tomorrow. Government aims to contain current account 3.7 per cent of GDP for the entire fiscal.
Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Hourly
Bank Nifty on hourly chart has now taken support at 9900, Any break below the chopad level of 9846 can lead to correction till 9550 odd levels.
Bank Nifty Daily
Bank Nifty on daily chart is forming a Descending Broadening Wedge pattern, For complete formation of pattern Bank Nifty should move down back to last swing low 8366 odd levels and make another lower low before moving upwards.. This target looks scary but thats the minimum requirement for Descending Broadening Wedge pattern. The pattern gets invalidated on close above 11200.
Bank Nifty Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts and again was resisted at higher end of Fibo fan@10131.Any break below 9850 will lead to further downside till 9456-9326 odd levels.
Bank Nifty Fibo Retracement
Bank Nifty will take resistance at 38.2% retracement at 11200 and support at 61.8 % 9889 as shown in above chart.
Bank Nifty Weekly
Bank Nifty on WoW basis was down by 787 points and closed @9900 Bank Nifty is stuck in trendline crossover region unable to cross the upper end Bears will try to push bank nifty to lower end of the trendline crossover.
Bank Nifty Monthly
Negative divergence in the monthly oscillators also means that there is lack of momentum over the long-term time frame.Fibo arcs are drawn on Monthly chart as shown on above. Interesting week ahead as per above chart.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:9846
Bank Nifty Resistance:10106,10366,11496
Bank Nifty Support:9717,9456,9196
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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