Bank Nifty Weekly Analysis for 11-14 Aug

Last Week we gave Chopad Level of 15176 Bank Nifty did 2 target on downside and on upside got stopped out, rewarding Chopad Followers with 350 points . Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty hourly charts has formed Bearish Island Gap pattern, Till 14986-15000 is not taken out, Rallies will be used to Exit long and fresh shorts will come in Bank Nifty. Classic TA at work with Support becoming resistance.

Bank Nifty Hourly Elliot Wave

Bank Nifty hourly EW is shows short term correction can get extended till 14645-14600 odd levels before a bounceback till 14800 odd levels.

Bank Nifty Daily

Bank Nifty daily as per Gann Box has broken and closed below the green line, next big support comes at blue line which is 4×1 line @14350-14400 odd levels.14950-15000 where green line is present will be a big resistance to cross in short term.

Bank Nifty Daily Elliot Wave

As per Elliot wave Theory on Daily chart, Bank Nifty is still trading in its sub wave c target comes at 14199.

Fibonacci technique

Fibonacci fan

Bank Nifty took support at 2X1 line of Fibo Fans Will it bounce this time ? or crash downward towards 3×1 line.

Fibonacci Retracement

38.2% retracement @14702 is strong support, breaking below this 50% is the target @ 14379.

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 14450- 14500 needs to be watched closely if held we can see good bounce in Bank Nifty, breaking below this we can see sub 14000 levels.