The Reserve Bank of India’s First Bi-monthly Monetary Policy Statement, 2014-15 on Tuesday, 1 April 2014, will dictate near term trend of Bank Nifty.
Last Week we gave Chopad level of 12120 and Bank Nifty did all 3 target on upside.
Lets analyze how to trade bank nifty in RBI week.Bank nifty has been up by 18.5% in March series or 1990 points.
Bank Nifty Hourly
Bank Nifty hourly charts after crossing its 50 HSMA has been trading in perfect up trending channel .Chanel top comes in range of 12930-12950 where price action will be watched closely.
Bank Nifty Daily
Bank Nifty on daily chart is near its resistance area.Breakout comes above 12800 for target of 12950 and 13200.Unable to do so we can see pullback till 12400 odd levels.
Bank Nifty Fibonacci fan is near its Fibo Fan resistance level as seen in above chart comes near 13200-13250 odd levels.
Fibo Retracement also signalling bank nifty will march towards its all time high of 13400 once its able to close and sustain above 13000.
Bank Nifty Weekly
Bank Nifty after doing a weekly breakout made another big bullish engulfing pattern rallying almost 5.5% Bulls will regain more strength only above 12800 and bears below 12550
Bank Nifty Monthly
Bank Nifty has risen 18.5% in March series till date.Fibo arcs has shown effect on Monthly basis.
Bank Nifty Quarterly
Quarterly charts show a bullish momentum continuing in next quarter.
Bank Nifty Trading Levels
Bank Nifty Trend Deciding Level:12790
Bank Nifty Resistance:12836,12966,13096 and 13226
Bank Nifty Support:12558,12446 and 12330
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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