Bank Nifty EOD Update Feb 6

Bank Nifty started new time cycle with Gap Up opening at 20307(100+ points) and moved further up to 20462. But corrected to low of 20298, but recovered to close at 20371. So Bank Nifty did not fill Gap up level and closed above Gann level of 20364.

Bank Nifty 15 min chart shows RSI level of 50 as support and 80 level as resistance. So we may see further upside move as RSI is bounced from 50 level. Also MACD is showing reducing downward momentum. RBI monetary policy meet is on Feb 8 and till then market may move up in this manner (Up move and then small correction and then again up move).

Bank Nifty closed just above above 20364, Gann level, and hence Gap up opening is likely tomorrow. Bank Nifty may face resistance at 20576, TOP of Sep 07, 2016. If it cross that, Bank Nifty may reach 21000 in this week.

Bank Nifty Invert Chart:

Our mind is more comfortable seeing down movement and hence Invert chart gives some better understanding. Bank Nifty is moving along Upper BB (here it is lower BB) and may continue to drift along it.

On Daily chart MACD is continue to show upward momentum. RSI is yet to reach reistance level of 80. So Bank Nifty may continue its upward move.

Inside Pitchfork:

IP showing break of upper 0.5 SD line and Bank Nifty may move towards upper 1 SD line level of 21000 in coming days.

We may see Bank Nifty moving up till FEB 9-10 before some major correction sets in. We have PSU banks results scheduled on Feb7 (PNB/IDBI) and Feb 10 (SBI). So Bank Nifty will react to the result outcomes.

Comments

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

Bank Nifty EOD Update Feb 15

Bank Nifty today move down sharply after opening Gap up and making Top of 20368 just near Gann No 20364 and reversed sharply making Low at 20115 and closed at 20163. It seems wave B is completed at 20368 and wave C is started (confirmation only when Bank Nifty crosses 20000). We may see bank Nifty moving sharply to 19700/19500. Daily chart shows RSI crossing 70 level from top that shows possibility of down move. Also Bank Nifty broke lower channel lines (Blue as well as Red). So Bank Nifty may fall sharply in wave C.

BanknIfty Update for Jul-15, 2020

Banknifty opened Gap Down and continuously moved down. In the last 2 days, it almost falls more than 1200 points. We are able to capture this move from almost the top of 23000. The daily chart shows Banknifty took support at 30-EMA levels. MACD signal gave a bearish crossover signaling possibility of further fall in the coming days. RSI @ significant levels of 50. Break of 20900 could lead to a sharp fall towards 19700/19500. On the hourly chart, the MACD signal gave bearish crossover yesterday, and we saw a good fall in Banknifty. Gann Box: Weekly Gann Box shows Banknifty exactly changed the trend from the time factor zone. Also, the weekly opening was near the angle and it reversed after hitting angle and gave a good fall. It signaling a bearish trend for the coming weeks. On the daily Gann Box chart, we can see today Banknifty opened near angle, hit angle, and reversed sharply giving good down move. FNO Data: The future OI decreased by 7% signaling short covering with fall. The spot

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