Bank Nifty EOD Update Feb 28

Bank Nifty is moved in very narrow range today! High made today was 20681 and low was 20560, forming Doji candlestick on Daily chart.

Daily RSI is still above support level of 65 and hence bounce back from this level is likely. Possibility of correction to 20400/20300 is also possible. Any close below 20400 on Daily basis would be bearish for Bank Nifty.

Monthly chart shows possibility of further up move as Monthly close for Feb is above 20400, important Gann level for Bank Nifty as it is moving in 180 degree as per Gann Square of Nine Numbers.

Bank Nifty 15-min chart is showing that corrective wave is terminating possibly in Ending Diagonal/triangle pattern and RSI is showing divergence. Correction may near completion or completed at 20560. Bank Nifty closed above 20591, hence up move is still on the card as long as daily close is above 20400.

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 Feb 7 Update!

Bank Nifty is in consolidation/correction mode. Today it moved in a very narrow range and it seems that it is under time correction before a BIG move. It is awaiting RBI monetary policy decision due on Feb 8 and bank Nifty may make Big move on Feb 9 in either direction depending on market's reaction to RBI decision. Bank Nifty 15 min chart shows wave a and wave b completed and wave c is in progress. It may take triangle pattern of correction as uncertainty of event outcome is playing out. It may correct to 20250/20030 levels.

Hindalco - On the Verge of Break-Down?

Hindalco Daily chart is posted below: Daily chart shows prices are facing resistance at Gann level 183 and now prices are near lower band of Bollinger Bands(BB) that are expanding. Hence, a big fall is expected in next 2-3 trading sessions with target of next Gann level 157. Daily RSI is also broke 50 level coming from upside overbought 70 level that signals further fall in coming days.

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