Bank Nifty For Week Starting Feb 6, 2017

Last week Bank Nifty moved fast on Budget day and continued to move up slowly for next 2 days. Let us analyze what is in store for coming week/s for Bank Nifty.

Solar Cycles:

This week a new Minor Solar Cycle is going start (From Feb 4).

For Major Cycle starting Sep 22, 2016 to Dec 22, 2016 we saw down move of more than 2800 points while there was very volatile moves during start of minor cycle started on Nov 7.2016 due to events (Trump Victory & Demonetization). We also saw reversal in trend from cycle starting Dec 22, 2016(reversal happened on Dec 26). The change of cycle saw a sharp up move of 2600 points.

Now It will be interesting to see what happens when minor cycle starts this week. Whether market continues its upward trend or reversal takes place? We can also observe that very often Bank Nifty had sharp moves on the 1st trading day of start of New cycle. So Feb 6 can show us some big move! So in a nutshell this week will decide trend for next few weeks (up to Mar 22) and could be make or break for bank Nifty!

Daily chart shows further up move possibility.

Daily RSI is in overbought zone but haven't reached resistance level of 80 from where we saw reversal in Sep 7, 2016. MACD is showing up momentum. So it can reach top of Red channel zone that is 20900/21000 in coming days.

In hourly chart BB are contracting, so we may see sharp move on either side in 1-2 days. RSI is at 70 level. So either it will move up sharply or will reverse facing resistance at 70. MACD also showing loss of up momentum.

Inside Pitchfork:

IP is showing breakout. So upside momentum may continue!

Another IP with different coordinates shows Bank Nifty at upper 0.5 SD line. Breaking the same it can move to upper 1 SD line at 21000 level.

In a Nutshell ready for exciting week for trading!

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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