Bank Nifty EOD Update Feb 8 - Post RBI No Rate Cut

Post RBI decision on rate cut, Bank Nifty corrected to 20070 and bounced back . It is not surprising that even after bad news of no rate cut, it bounced back from low and closed at 20245. But now it is at crucial juncture of 20400. So it is now case of a make or a break for Bank Nifty! Why? Let us understand from following chart:

Chart shows from Sep 07 top(20576), Index moved to 17600 between a major solar cycle (Sep 22 to Dec 22). The nos 204(00) and 176(00) are important levels as they are consecutive Gann Nos of 180 deg (176 & 204)

Post low of 17600 (on Dec 26, close to Dec 22 cycle start), Bank Nifty moved up so quickly that it reached back to 20400 even before start of minor cycle (Feb 4) and now facing resistance at 20400. So if it not able to cross 20400 convincingly and hold above it, Bank Nifty may slide to 19700/19000 and may even go back to 17600 very sharply.

So next 2-3 days would need caution if Bank Nifty struggles at 20400 level. If it breaks 20400 decisively next level could be 233(00) that next Gann No in 180 degree above 204.

Hourly chart shows Bank Nifty bounced back from lower line of red channel. I marked 22 bars of correction time and it took exact time to complete correction. Tomorrow bank Nifty may reach 20400/20500 level and may face resistance at 20576(High of Sep 07). If it decisively breaks it then 20700/20800 is possible.

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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