Bank Nifty Weekly Analysis as per Elliot wave and Gann

Last Week we gave Bank Nifty Chopad level of 15046 and Bank Nifty did all 2 target on upside and 1 target on downside. We have Union Budget coming on 10 July so Bank Nifty will be in focus for next week and big moves are on cards. Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty hourly charts is trading in a range, 15600- 14933. Breakout above 15600 for a target of 15750.Breakdown below 14933 for target of 14700.

Bank Nifty Hourly Elliot Wave

Elliot wave target for Bank Nifty comes around 14700 in current down trend.

Bank Nifty Daily

Bank Nifty daily as per Gann Box is taking resistance at the yellow line, and unable to cross it started its corrective move with target of Blue line @14700.

Bank Nifty Daily Elliot Wave

As per Elliot wave Theory on Daily chart, Bank Nifty has done its 3 wave and is starting correction in its 4 wave, As discussed is previous Nifty Analysis Nifty is still in 3 wave, So we have a very dicey situation and this week price action will resolve the mystery.

Fibonacci technique

Fibonacci fan

Bank Nifty is heading towards the centre line of Fibo Fans which comes around 14630

Fibonacci Retracement

38.2% retracement if broken @14705 will start a big corrective down move in Bank Nifty

Bank Nifty Weekly

Bank Nifty Weekly chart is trading is 4 quadrant of Ratio box, which has range from 13800-15700 so long traders should be cautious as per gann grid. Any close above 15700 invalidate the current count and we will revisit the counts.

Bank Nifty Monthly

Bank Nifty as per monthly chart is forming a gravestone doji, on monthly chart closing at 30 June will confirm the same.Also we have double top on monthly charts so need to be extra cautious.