Skip to main content

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!
Labels:

Comments

Post a Comment

Popular posts from this blog

DAX analysis for a client

DAX Index Analysis For upto Feb 29, 2020 : Daily chart shows prices are at Strong resistance zone at upper trend line (red color). On Friday (Feb 14, 2020) it formed a Doji candle that is a sign of reversal as it formed at top and at resistance zone. So correction or reversal from this level is very likely. If prices cross above 13950 and sustains above then Breakout on upside is possible.   But this looks very unlikely for at least few days as RSI indicator is also at resistance. At present it is in no trade zone. Best scenario is to wait for price to break 13600. Trade opportunities: Long Trade:   Above 13950 for target of 14300. Short Trade: Below 13600 for target of 13450/13400 and below 13400 for target of 13100/13000 DAX Analysis for Swing Trade on Weekly Charts: Weekly chart shows price is at multiple channels and trend lines resistance. Trade opportunities: For few weeks or months holding Long Trade:   Above 13950 for target of 14300/14800 and brea
Post a Comment
Read more

Bullish Bets for coming week (Apr 13-17)

I have summarised my analysis in the following table. These are bullish stocks. Please do your own analysis and these are not recommendations but only for learning purposes Stock CMP Tgt 1 Tgt 2 Tgt 3 ITC 185.25 203 210   VEDL 76.8 92 96   NCC 20.15 23 26 28 RBL 120.85 134 140   SUNTV 338.3 360 365 390 CANBK 91.5 111 118 121 SBIN 187.75 194 202 211 RECLTD 89 101 106   INDIGO 1041.95 1100 1140 1160 HINDPETRO 207.85 218 223 227 Hindalco 107.55 113 127 134 CHOLAFIN 171.75 185 204 225 BHARATFORG 245.55 277 288 299 SRTRANSFIN 675.95 730 785 840 .
Post a Comment
Read more

Bank Nifty Bigger Time Frame Analysis

I have posted following weekly chart of Bank Nifty in my Dec 15 post. This chart shows similarity in patterns. The pattern started in Aug 2013 and completed in Oct 2016 as shown below: This is "Extracting Triangle Pattern" as per Advanced Elliott Wave (Neo Wave). Ongoing pattern looks similar to Extracting Triangle Pattern and as per this pattern wave D seems to be in progress. After completion of wave D, index will move towards upward channel line(RED) in wave E. Once the pattern gets completed, we should expect index to go below wave D. I am just aware about Neo wave patterns but do not have knowledge about its calculations/counts. In Extracting Triangle pattern, each successive wave in the direction of trend contracts while corrective waves expand (wave A< wave C < wave E, wave D > wave B) It looks similar to Head & Shoulder pattern So possibility of Down move is quite high post Jan 2017.
Post a Comment
Read more