Weekly View: Bank Nifty forms Bullish Engulfing ahead of Fed Policy

By | December 11, 2016 5:30 pm

Last Week we gave Chopad Level 18260 Bank Nifty gave Long entry on Monday and did 2 target on Upside by Wednesday before RBI policy and gave long entry on Wednesday and Shorts triggered on Wednesday after RBI Policy got stopped out on Thursday gap up  thus rewarding discipline chopad followers handsomely on long side. Lets analyze how to trade bank nifty in coming week as Fed policy will be held on 14 Dec

Bank Nifty Hourly

As discussed in last analysis  for coming week 500 points move coming on break of 18750 o upside and on downside break of 18146.

Bank Nifty broke 18146 after RBI Policy but the move was so fast most of traders would have missed it and clsoe was above 18146 on upside also 18750 was not broken thus we are still waiting for breakout of 500 points.Break of 18750 can see move of 19000/19200.

Bank Nifty Harmonic Pattern

As per harmonic pattern target is coming at 19782/18974 holding 18500.

Supply and Demand Analysis

Holding  18150  is important for bulls for 18900/19050

Gann Angles

As discussed in last analysis  As per gann angles, bank nifty again bounced from support area as show in above chart, Holding 18200 we can see move towards 18700/19000.

18700 done now waiting for 18900/19200.

Bank Nifty Gann Dates

Bank Nifty As per time analysis 13/14 Dec  is Gann Turn date , except a impulsive around this dates.

Bank Nifty Weekly

It was positive week, with the Bank Nifty down by 448 points  closing @18695 . Bank Nifty took support at lower end of AF line as discussed in last analysis Holding the support zone bank nifty can bounce towards 19000/19200.

Bank Nifty Monthly

Monthly chart finally saw correction after 7 Months of rise, bulls need to close above 18250 for bullish momentum to come in their favor.

 Bank Nifty Weekly Chopad Levels

Bank Nifty Trend Deciding Level:18750

Bank Nifty Resistance:18905,19200,19500

Bank Nifty Support:18540,18300,18100

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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