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Bank Nifty for Week Starting Jan 16, 2017

Last week Bank Nifty made big up move of 650 points. High made is 18966. It looks like it is ready for further up move.
On hourly chart Middle BB line(RED color) is providing support and Index may again move up towards upper line of  Blue Channel.  The Best trading strategy is now to go Long when Index is bouncing from Middle BB line and Exit when it is near upper line of Blue Channel. Hourly RSI shows Resistance at 85 level and Support at 59 level. So Blue channel along with RSI levels are good indicators for trade. 

It is not good idea to go short as Up Momentum is strong. If Index breaks Middle BB line then only short positions should be taken. If Bank Nifty breaks 18850/18800 then we may see it reach quickly to 18650/18600. Also it may break RSI support level of 59 for major correction.
We may see Index moving along Upper BB line (Blue color) on Daily chart. Index may face resistance at 19150/19200 level. If it crosses 19200 it can reach to 19500/197000. Daily RSI is at 65 level and it may reach 70 level(Overbought level) before any major correction or reversal.
On Weekly chart, we can see Middle BB is at 19100 level. If Index crossed 19100/19150 it may quickly reach to 19700/19900. RSI crossed 50 level from down side in Weekly chart. So further up move possibility very likely.
Monthly chart showing that Index bounced back from Middle BB line and may move on Upper line of Brown channel i.e. around 19500. If it takes out 19500 then next target is Upper line of Black Channel i.e. 20200. Monthly RSI may touch RED trend line before correcting.

Inside Pitchfork(IP):

IP is showing breakout.
Another IP with different coordinates is showing Index crossed Median line and immediate target as 19200/19250 i.e. 0.5 upper SD line.

GANN Time Analysis:

Week starting Jan 16 is 17th  week from Top of 20265(made on 22 Sep, 2016-Equinox day). Also Jan 17th is 90th trading day from Top of 20576 (made on Sep 7,2016). So we may see some Big move this week and specially on/around Jan 17th.

 For Next 2 weeks market may move up on Budget expectations and some volatile moves may happen based Q3 results of Major stocks.
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