Bank Nifty Weekly Analysis for Aug F&O expiry

Last Week we gave Chopad Level of 15176 Bank Nifty did 3 target on upside , rewarding Chopad Followers , Bank Nifty made a breakout last week so lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty hourly charts has given a breakout now the resistance of 15750 will become an important support.Negative divergence are visible in hourly charts but price confirmation is required.

Bank Nifty Hourly Elliot Wave

Bank Nifty hourly EW is shows short term top can form in range of 15900-15950 and a short term pullback can be seen.

Bank Nifty Daily

Bank Nifty daily has given a textbook style breakout, next 3 days are very important as they will confirm whether its a valid breakout or a false one. 15750 is the pivotal of the breakout, any close below this level its a failed breakout.

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

25-Aug is Gann turn date for Bank Nifty

Fibonacci technique

Fibonacci fan

Bank Nifty approaching the resistance line of Fibo Fan, unable to close above it will lead to correction else uptrend continues.

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 15850-15900 needs to be watched closely on weekly basis, unable to close above it we can see a pullback like last time we saw BN turned after touching AF. Very interesting trading days ahead.

Bank Nifty Monthly

Bank Nifty is also approaching the trendline and we have Expiry, Weekly and Monthly closing all on 28 August so very interesting trading week coming ahead.