Last Week We gave the Bank Nifty Weekly Trend changer level as 10236 Bank Nifty did 1 target on downside and 2 target on upside in volatile week, so traders were able to capture both up move and down move.
Lets analyze how to trade Bank Nifty in coming week.
Bank Nifty Daily
Bank Nifty on daily chart is forming a Descending Broadening Wedge pattern,the pattern gets invalidated on close above 10900, Pattern gets active one the red trendline is broken on closing basis around 10000 odd levels.
Bank Nifty Fibo Fans
Fibo Fans has been applied on Bank Nifty weekly charts and bank nifty closed at the upper end of fibo fan,Any close above 10329 Bank nifty will move till 10686 in coming week. As discussed last week Bank Nifty makes high of 10649. Now any break below 10307 will be Bank Nifty touching 9800 odd levels.
Bank Nifty Fibo Retracement
Bank Nifty will take resistance at 10700 and support at 38.2 % 9889 as shown in above chart.
Bank Nifty Weekly
Bank Nifty on WoW basis was up by 425 points and closed @10622 Bank Nifty is stuck in trendline crossover region unable to cross the upper end Bulls will make one more attempt next week failing to do so we will see fall all the way upto lower end of trendline.
Bank Nifty Monthly
Monthly charts are trading near the monthly downward falling trendline, Monthly closing is still far away.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:10626
Bank Nifty Resistance:10756,10886,11016
Bank Nifty Support:10496,10236,10106
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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