Bank Nifty ready for correction,Weekly Analysis

Last week we gave Nifty Chopad level of 17126 Bank Nifty Chopad Followers were rewarded by 520 points. Lets analyze how to trade Bank Nifty in coming week.

Bank Nifty Hourly

Bank Nifty Trendline resistance comes @ 17450, Bank Nifty made high @ 17425 and turned back, now important support @ 17106 breaking the same can see quick fall till 17000/16800,else upmove to continue.

Bank Nifty Hourly Elliot Wave

Bank Nifty hourly EW is shown as above.Correction can be seen till 17110

Bank Nifty EW Daily

Bank Nifty daily chart is showing the completion of 5 wave, so profit booking is advised on long and dips should be used to buy around 16400/16500 levels.

Bank Nifty Daily Bias

Bank Nifty daily bias has reached the top of the grey box on daily chart and time to be cautious on longs, as grey bar have strated forming on daily aggresive shorts can be take with SL @ 17425

Bank Nifty Gann Dates

As per time analysis 11 November is Gann Turn date , except a impulsive around this date. Last week we gave 06 November is Gann Turn date,Bank Nifty gave 218 points move on 5.

Fibonacci technique

Fibonacci Fans

Bank nifty is now entering in resistance zone of 17450 odd levels, unable to cross Fibo Fan high can see profit booking.

Bank Nifty Weekly

Bank Nifty Weekly chart As per AF bank nifty target is also done,so now its time to book profit. Also we will be entering negative cycle as per time analysis in coming 2 weeks.