Bank Nifty Weekly Analysis for RBI Policy

Last Week we gave Chopad Level of 15306  Bank Nifty did 1 target on upside and 1 target on downside . Lets analyze how to trade Bank Nifty during RBI event.

Bank Nifty Hourly

Bank Nifty hourly charts is forming a triangle pattern, Sustaing below 15000 will suggests will invite a short term correction till 14800. Holding the gap area can see bouceback till 15500

 

Bank Nifty Hourly Elliot Wave

Bank Nifty hourly EW is shows short term bottom is formed and a rally can be seen till 15424 as seen in above chart.

Bank Nifty Daily

Bank Nifty daily as per Gann Box is taking support at the green line, if held bank nifty is heading towards 15500 and if not broken and correction can be seen till 14800 odd levels.

 

Bank Nifty Daily Elliot Wave

As per Elliot wave Theory on Daily chart, Bank Nifty is still trading in its C wave target comes at 16321, once done we can see  major fall till 12380 levels.

Fibonacci technique

Fibonacci fan

Bank Nifty took support at  2X1  line of Fibo Fans and bounced back, now heading towards 1X1 line as shown in above chart if 15550 is crossed else heading towards 14800.

Fibonacci Retracement

38.2% retracement  @14702  is strong support and bank nifty bounced back ferociously.

Bank Nifty Weekly

Bank Nifty Weekly chart as per Andrew Pitchfork again made an attempt to cross the AF line but unable to do so, This week 15500 needs to be watched closely if crossed new high is coming , if not another decline is on cards.

We are in volatile time zone and hence big swings will be seen.

Bank Nifty Monthly

Bank Nifty as per monthly chart has 23.6% retracement @ 14004 where we can see the bounceback.

 

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:15176

Bank Nifty Resistance:15436,15696,15956

Bank Nifty Support:15046,14786 and 14396

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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