Bank Nifty Weekly forecast for 12-16 Jan

Last week we gave the Chopad level of 19076 Bank Nifty achived all 3 targets rewarding Chopad followers with 400+ points. Lets analyze how to trade in coming week

Bank Nifty Hourly

Bank Nifty hourly chart is forming a triangle pattern breakout comes above 18800 for a target of new high and breakdown 18400 for initital target of 18100

Bank Nifty Hourly  EW Daily

Hourly Elliot wave analysis is shown,18450 will play crucial role next week.

Bank Nifty EW Daily

As per EW on daily chart use dips, deep correction  in bank nifty to make positions in quality banking stocks, Many Banking stock can give atleast 30-50% return in 2015.

 

 Bank Nifty Daily Bias

Bank Nifty has giving a false breakout on daily charts and next week again we might see a breakout above 18900.

 

Bank Nifty Gann Dates

As per time analysis 16 Jan  is Gann Turn date , except a impulsive around this date.Last week we gave 9 Jan and Bank Nifty saw a decline of 200 points and closed in negative even though nifty closed in positive.

Fibonacci technique

 

Fibonacci Fans

Bank nifty took support@ Fibo fan line suggesting still in buy on dips mode. Now break of 18900 will suggests more  new highs are coming.

 

Bank Nifty Weekly

Bank Nifty Weekly chart took support at middle of  AF line and harmonic pattern suggests still its in buy on dips mode.Break of 18900 will suggest bank nifty can move up and form new life high.Bank Nifty has moved in positive quadrant.

 

Bank Nifty Monthly

This is what we discussed in previous  analysis Bank Nifty in current correction took support@ 200% channel which is extremely bullish in short term. Holding the same Bank nifty can approach to make a new life highs.

 

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:18686

Bank Nifty Resistance:18816,18946,19206

Bank Nifty Support:18556,18426,18166

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.Please also read the detailed Disclaimer mentioned in the Right side of Blog.

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