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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!
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