Bank Nifty Weekly Analysis for 18-22 Aug

Last Week we gave Chopad Level of 14786  Bank Nifty did 1 target on upside , rewarding Chopad Followers with 200  points . Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty hourly charts has been rallying and the zone of 15150-15200 is supply zone, closing above it only fresh buying can be seen.

 

Bank Nifty Hourly Elliot Wave

Bank Nifty hourly EW is shows short term correction can get extended till 14875-14800 odd levels before a bounceback till 15000 odd levels.

Bank Nifty Daily

Bank Nifty daily as per Gann Box is near its 4×1  the green line, next big resistane, closing above it for 2 days Bank Nifty will head towards 8×1 line.

 

Bank Nifty Daily

Bank Nifty is forming triangle on daily chart rangebound moves will be seen in range of 14800-15200 till breakout/breakdown happens

Bank Nifty Gann Dates

19-Aug is Gann turn date for Bank Nifty

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

26.6% retracement  @15100  is strong resistance , breaking below this 38.2 % is the target @ 14700. Breaking above its 15200/15400 is target.

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 15150-15200 needs to be watched closely if held we can see good bounce in Bank Nifty, breaking below 15000  we can see sub 14800 levels.

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:15306,15436,15556

Bank Nifty Support:15046,14916 and 14786

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

We do discussion is Live market to update Nifty levels If you are interested you can LIKE the page to get Real Time Updates.

Follow on Facebook during Market Hours:  https://www.facebook.com/pages/Brameshs-Tech/140117182685863